Karachi: The KSE-100 index experienced a significant decline, dropping by 1,286 points to close at 163,304, as bearish trends continued to dominate the market. Trading volumes also decreased, with 1,041 million shares exchanged compared to the previous 1,505 million.

The index is anticipated to test its support at the 30-day moving average (DMA) level of 162,806. A decline beneath this key support level could potentially lead to a further drop, targeting the 50-DMA at 158,250. Conversely, any upward movement will encounter resistance between the 163,790 and 165,030 levels. The relative strength index (RSI) and moving average convergence divergence (MACD) are both trending downward, reinforcing the bearish outlook.

Investors are advised to exercise caution at the current levels, with support and resistance points identified at 162,555 and 164,539, respectively.

In specific stock strategies, Sui Northern Gas Pipelines Limited (SNGP) is identified with a 'buy on dips' approach, targeting price points at Rs138.42 and Rs142.60, with a stop loss at Rs129.00. Similarly, International Steels Limited (ISL) is in a phase of consolidation, with a strategy to 'buy on dips' targeting Rs106.02 and Rs110.39, with a stop loss at Rs101.00.

This analysis and recommendations were provided by JS Global, highlighting a cautious approach in the current market environment.