Karachi: The KSE-100 index saw a steep decline, closing at 165,824, a decrease of 2,588 points compared to the previous day. Trading volumes were recorded at 1,087 million shares, slightly lower than the previous session's 1,190 million. The index is anticipated to target the 200-day moving average at 163,081, with potential support at the 50-day moving average of 161,208. Resistance is seen between the levels of 166,960 and 168,550.

According to JS Global, investors are advised to exercise caution in the current market conditions and consider buying on dips. The support and resistance levels are identified at 164,248 and 168,543, respectively. For specific stocks, HCAR is suggested to have an upside potential with a strategy of 'buy on dips', targeting prices of Rs232.00 and Rs255.01, and a stop-loss at Rs209.00. Similarly, SNGP's downside is expected to be limited by moving averages, with a 'buy on dips' strategy targeting Rs101.79 and Rs104.45, and a stop-loss at Rs96.14.