Karachi: The Karachi Stock Exchange (KSE) 100 index continued its downward trajectory, closing at 164,590, a decrease of 1,963 points from the previous day. Trading volumes reached 1,505 million shares, slightly lower than the 1,569 million shares traded earlier.

The index is poised to encounter resistance between 165,235 and 166,720 levels. A breakthrough above this range could potentially target 168,414, and subsequently 169,989. On the downside, support is anticipated between 163,750 and 164,400. A drop below this support range may see the index targeting the 30-day moving average at 162,510.

Technical indicators, including the Relative Strength Index (RSI) and the Stochastic Oscillator, have both moved downward, reinforcing a negative outlook. Investors are advised to remain cautious given the current market conditions. The support level is identified at 163,750, with resistance at 166,075.

In the corporate sector, Pakistan Petroleum Limited (PPL) is expected to consolidate above key averages. The recommended strategy is to 'buy on dips,' with price targets set at Rs199.89 and Rs205.19, and a stoploss at Rs189.64.

Similarly, International Steels Limited (ISL) is trading within a range. The advised strategy also suggests a 'buy on dips,' targeting Rs106.03 and Rs110.45, with a stoploss at Rs101.00.

These insights are sourced from JS Global, providing investors with detailed technical outlooks and strategic recommendations amidst the fluctuating market conditions.