Karachi: The KSE-100 index experienced a significant decline, failing to maintain its intraday peak of 157,817 and closing at 156,141, marking a drop of 880 points from the previous day. Trading volumes increased to 1,280 million shares, up from 996 million shares previously. Analysts suggest that the index may test support levels between 155,550 and 156,100, warning of a potential corrective trend if it falls below this range. The next downside targets are identified at 153,765 and 151,262. Resistance is anticipated within the 156,680-157,270 range. Technical indicators, including the RSI and Stochastic Oscillator, have declined, indicating a possible corrective phase. Market participants are advised to adopt a cautious approach at current levels, with support and resistance pegged at 155,558 and 157,271, respectively.

In other market movements, International Steels Limited (ISL) has set a new recent high. The recommended strategy is 'buy on dips', with target prices of Rs134.81 and Rs142.10, and a stop-loss at Rs121.50.

Meanwhile, NETSOL Technologies is perceived to have limited downside risk, with a suggested 'buy on dips' strategy targeting Rs148.77 and Rs151.90, and a stop-loss at Rs143.21.

These insights were provided by JS Global, as the market remains volatile with cautious optimism.