Karachi: The KSE-100 index closed at 170,499, down by 1,734 points, after failing to maintain its position above the 200-day moving average (DMA). Trading volumes slightly decreased to 760 million shares compared to 774 million shares in the previous session. The index is expected to test support levels between 170,230 and 170,420, with a continued downtrend anticipated if these levels are breached. Resistance is expected at the 200-DMA, now standing at 172,348.

According to JS Global, momentum indicators remain mixed, providing no clear trading direction. Investors are advised to exercise caution, particularly at higher levels, and to wait for potential dips. The current support and resistance levels are set at 169,781 and 171,854, respectively. In related market updates, Pakistan Petroleum Limited (PPL) is expected to continue its consolidation phase, with a ‘buy on dips’ strategy targeting Rs236.50 and Rs240.84, and a stop-loss at Rs229.65. United Bank Limited (UBL) is also recommended as a ‘buy on dips’, with support seen at the 233-day exponential moving average (EMA), targeting Rs432.89 and Rs436.56, and a stop-loss at Rs424.12.