Karachi: The KSE-100 index witnessed a significant decline as it closed at 122,144, marking a drop of 1,950 points day-on-day. Trading volumes were also lower, with 968 million shares exchanged compared to 1,025 million in the previous session.

Market analysts suggest that the index may find support between the 121,410 and 121,610 levels, with a further decline potentially targeting the 30-day moving average at 117,222. However, any upward movement is expected to encounter resistance between the 123,050 and 123,730 levels, with a break above these points aiming for the recent high of 126,718.

Investors are advised to exercise caution during upward movements and consider waiting for market dips before making significant investments. The current support and resistance levels are 121,479 and 122,932, respectively.

In related market moves, NETSOL Technologies has seen a key support violation, prompting a 'Sell on Strength' strategy, targeting Rs126.95 and Rs122.49, with a stop-loss set at Rs134.00. Meanwhile, Oil and Gas Development Company (OGDC) is advised for a 'Buy on dips' strategy, targeting Rs210.88 and Rs212.20, with a stop-loss at Rs207.22.

These insights are provided by JS Global, highlighting ongoing market volatility and strategic recommendations for investors navigating the current financial landscape.