Karachi: The KSE-100 index closed at 171,116 after a range bound trading session, marking a decline of 1,778 points. Trading volumes rose to 1,025 million shares from a previous 987 million. The index is anticipated to test resistance between 172,280 and 173,275 levels, with a potential upward target of 175,298, potentially reaching 180,992. However, support is expected between 167,350 and 170,400, with a further decline targeting the 200-Day Moving Average at 163,954.

According to JS Global, the recommendation for investors is to 'Buy on dips', with a stoploss set below 167,350. The support and resistance levels are identified at 170,244 and 172,138, respectively. In the case of United Bank Limited (UBL), the stock is trading above the 200-DMA support, with a strategy to 'Buy on dips' targeting Rs420.47 and Rs434.11, and a stoploss at Rs400.21. For Oil and Gas Development Company (OGDC), the formation suggests consolidation is ahead, with a strategy to 'Buy on dips' targeting Rs332.20 and Rs337.10, and a stoploss at Rs325.00.