Karachi: The KSE-100 index experienced a significant decline, shedding 1,505 points to close at 120,466 amid low trading volumes. With only 707 million shares exchanged, compared to the previous session's 1,152 million, market analysts are eyeing the 30-day moving average (DMA) target of 118,484, with potential further decline to the 50-DMA at 117,425.

The index's downward movement suggests a negative trend, as indicated by the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). Resistance levels are identified between 121,440 and 122,420, with support at 119,954 and resistance at 121,441. Investors are urged to remain cautious under the current market conditions.

Meanwhile, JS Global provided specific stock strategies in its latest report. For HBL, the recommendation is to "buy on dips," with a target price range of Rs169.80 to Rs173.08 and a stop-loss set at Rs163.50. Similarly, for OGDC, the strategy remains "buy on dips," aiming for targets of Rs215.45 and Rs218.99, with a stop-loss at Rs208.12.

These strategies suggest a limited downside risk for investors looking to capitalize on potential rebounds in the market, despite the prevailing overall bearish sentiment.