Karachi: The KSE-100 index experienced a significant downturn, closing at 165,867, marking a decrease of 2,288 points from the previous day. Trading volumes also showed a decline, with 442 million shares exchanged compared to the previous 494 million. Analysts caution that if the downward trend continues, the index may fall to 163,612 or even 162,049. However, any upward movement will likely encounter resistance between 166,510 and 167,920.

According to JS Global, key indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are trending downwards, further supporting a bearish market outlook. Investors are advised to remain cautious, with support and resistance levels identified at 165,115 and 167,269, respectively. In related sectors, Oil and Gas Development Company (OGDC) is maintaining support at its 200-day moving average, with a recommended strategy of 'buy on dips,' targeting prices of Rs313.53 and Rs316.73, with a stop loss at Rs309.13. Similarly, International Steels Limited (ISL) is expected to consolidate, with a 'buy on dips' strategy targeting Rs80.90 and Rs82.40, and a stop loss at Rs77.20.