Karachi: The KSE-100 index faced a downturn as it failed to maintain its intraday peak of 93,872, closing at 93,225, marking a decline of 424 points Day on Day (DoD). Trading volumes were noted at 793 million shares, slightly lower than the 815 million shares exchanged in the previous session. An Engulfing Bear pattern has emerged, hinting at a potential negative trend although confirmation is required. Analysts suggest that a dip below 92,893, the previous day’s low, could signal the onset of a corrective phase, with projections targeting 92,046 and 90,827. Conversely, any upward movement is likely to encounter resistance between 93,330 and 93,770, and subsequently at 94,020. Investors are advised to adopt a cautious approach at these levels, with immediate support around 92,788 and resistance at 93,766.

According to JS Global, the Sui Northern Gas Pipelines Limited (SNGP) shows a bullish Relative Strength Index (RSI). The recommended strategy is to ‘buy on dips,’ with targets set at Rs89.39 and Rs91.11, and a stop loss at Rs82.01. Meanwhile, Maple Leaf Cement Factory Limited (MLCF) has generated a sell signal. The advised approach is to ‘sell on strength,’ with target prices at Rs40.41 and Rs38.46, and a stop loss at Rs43.25.

This analytical outlook reflects the current market conditions and provides strategic insights for investors navigating the volatile trading environment.