Karachi: The KSE-100 index, a benchmark for Pakistan's stock market, encountered resistance once again, closing at 119,153, a decline of 778 points from the previous day. Trading volumes decreased to 590 million shares, down from 668 million shares traded earlier.

Market analysts predict that the index might test support in the range of 118,000 to 118,580 levels. A drop below this range could trigger a corrective trend, potentially targeting 116,010, which aligns with the 50-day moving average. Conversely, any upward movement will likely face resistance between 119,640 and 120,220 levels.

The current market indicators present a mixed view, offering no definitive direction for traders. Investors are advised to exercise caution at the existing levels. The identified support and resistance levels are at 118,577 and 120,214, respectively.

In specific stock movements, Pakistan State Oil (PSO) is recommended for a 'buy on dips' strategy, with targets set at Rs379.36 and Rs384.06, and a stop loss at Rs371.85. Similarly, Honda Atlas Cars (HCAR) presents limited downside risk, with a 'buy on dips' strategy targeting Rs300.91 and Rs312.50, and a stop loss at Rs292.00.

These insights and strategies have been compiled by JS Global, aiming to guide investors through the current market landscape.