Karachi: The KSE-100 index closed at 118,221, experiencing a decline of 882 points from the previous day. This downturn was accompanied by a surge in trading volume, with 636 million shares exchanged compared to 338 million in the prior session. The index is now approaching the 30-day moving average (DMA) of 115,992, a crucial threshold that could signal a continued negative trend if breached. Resistance levels are expected between 118,550 and 119,300, suggesting potential barriers to any upward movement.

Technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator have also shifted downward, reinforcing a bearish outlook. Market analysts recommend investors adopt a cautious approach at the current levels. The immediate support and resistance levels are identified at 117,817 and 118,958, respectively.

In specific stock strategies, ATRL is advised as a 'buy on dips' with target prices set at Rs675.50 and Rs696.00, and a stop-loss at Rs647.00. Meanwhile, HCAR presents limited downside risk, with a suggested 'buy on dips' strategy targeting Rs296.99 and Rs302.49, with a stop-loss at Rs286.54.