Karachi: The KSE-100 index witnessed a significant decline, closing at 184,130 points, marking a drop of 3,703 points from the previous day. Trading volumes increased to 1,273 million shares compared to 1,195 million shares in the previous session. The index is poised to test its support at the 30-day moving average (DMA) of 183,516. A further decline could push it towards the 50-DMA at 177,728, while any upward movement will encounter resistance between 185,230 and 186,930 levels.

According to JS Global, technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator are pointing downwards, reinforcing a negative outlook. Investors are advised to remain cautious, especially on upward trends, and to consider buying during market dips. Key support and resistance levels are identified at 182,439 and 186,928, respectively.

In sector-specific strategies, HBL is recommended as a ‘buy on dips’ with target prices set at Rs345.86 and Rs352.00, and a stop loss at Rs332.85. Similarly, ISL is suggested for purchase on dips, targeting Rs104.75 and Rs106.65, with a stop loss at Rs100.36.