Karachi: The KSE-100 index experienced a decline, closing at 176,043 points, marking a decrease of 1,581 points from the previous day. Trading volumes also saw a drop, with 574 million shares exchanged compared to the 958 million shares traded earlier. The index is anticipated to fluctuate between its 50-day and 30-day moving averages, which are currently at 175,146 and 179,077 points, respectively. A breakout above or below these levels is necessary for a clear directional move in the market.

According to JS Global, the Relative Strength Index (RSI) has decreased, while the Stochastic Oscillator is on the rise, indicating an unclear trading perspective. Investors are advised to exercise caution, particularly on the higher side, and consider waiting for market dips before making substantial investments. Support and resistance levels are identified at 175,471 and 176,775 points, respectively.

In other market insights, Maple Leaf Cement Factory (MLCF) is expected to trade within a range, and the recommended strategy is to 'buy on dips,' with target prices set at Rs98.94 and Rs101.17, and a stop-loss at Rs93.25. United Bank Limited (UBL) is noted to have support at its 30-day moving average, with a similar 'buy on dips' strategy suggested. Target prices for UBL are Rs476.99 and Rs486.23, with a stop-loss at Rs464.12.