Karachi: The KSE-100 index experienced a downward shift, closing at 120,003, a drop of 463 points from the previous day. Despite reaching an intraday high of 121,745, the index could not maintain its position, with trading volumes decreasing to 605 million shares from 707 million in the prior session. The market is expected to test support levels at 119,770, with potential further declines targeting the 30-day moving average at 118,680 and subsequently 117,449, the 50-day moving average.

The technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are trending downwards, indicating a negative outlook. Investors are advised to exercise caution and consider purchasing on dips while avoiding higher-risk positions.

In sector-specific movements, Habib Bank Limited (HBL) is expected to continue its consolidation phase. The strategy recommended is to 'buy on dips,' with price targets set at Rs169.80 and Rs173.08 and a stop-loss at Rs163.50.

Similarly, Oil and Gas Development Company (OGDC) is anticipated to have its downside limited by moving averages. The suggested approach is a 'buy on dips,' aiming for Rs216.01 and Rs218.99, with a stop-loss set at Rs208.47.

These insights are derived from analysis provided by JS Global, highlighting the need for investors to remain vigilant amid potential market fluctuations.