Karachi: The KSE-100 index continued its downward trajectory, closing at 177,083, as it experienced a decrease of 1,117 points in its latest session. Trading volumes slightly declined to 711 million shares from the previous 785 million. The market is anticipated to test its support at the 50-day moving average (DMA) of 176,149, with a further dip potentially targeting the 200-DMA at 170,139. Resistance on the upside is projected at the 30-DMA of 178,600.

According to JS Global, investors are advised to approach the market with caution, particularly on upward movements, and to consider buying during dips. The current support and resistance levels stand at 176,495 and 178,220, respectively. In the stock-specific outlook, Pakistan State Oil (PSO) closed above its 50-DMA, with a recommended strategy of buying on dips, targeting price levels of Rs357.77 and Rs362.70, with a stop loss at Rs349.77. Habib Bank Limited (HBL) is maintaining consolidation above its 200-DMA, with similar buy-on-dip strategies targeting Rs312.79 and Rs316.92, and a stop loss set at Rs303.42.