Karachi: The KSE-100 index continued its downward trajectory, closing at 164,531, a decline of 736 points from the previous day. The trading volume reached 1,570 million shares, an increase from the 1,275 million shares traded in the prior session. Analysts anticipate the index will test support at 164,307, with a potential drop to 162,113 if breached.

Resistance is expected between 165,180 and 166,080, with a further hurdle at 166,730. Technical indicators, including the RSI and the Stochastic Oscillator, are trending downward, suggesting a corrective market view. Investors are advised to exercise caution and consider buying on dips.

For specific stocks, MLCF has reached a support level, with a 'buy on dips' strategy targeting Rs104.89 and Rs107.61, with a stop-loss at Rs99.41. Meanwhile, PSO is testing its recent high, with a similar strategy targeting Rs494.74 and Rs501.00, and a stop-loss at Rs469.94.

The market's support and resistance levels are positioned at 163,648 and 166,072, respectively, according to JS Global. Investors are advised to remain vigilant as the market navigates these challenging conditions.