Karachi: The KSE-100 index experienced a decline, losing 495 points to close at 175,548, amid range-bound trading activity. With trading volumes reaching 711 million shares compared to 574 million shares traded previously, the index is anticipated to retest its support at the 50-day moving average (DMA) of 175,327. A drop below this level could target the 200-DMA at 169,917, while any upward movement will encounter resistance at the 30-DMA of 178,915.

According to JS Global, technical indicators such as the RSI and MACD have shown downward trends, suggesting a negative outlook. Investors are advised to exercise caution and consider waiting for market dips before making significant moves. The report identifies support and resistance levels at 174,695 and 176,318, respectively. In specific stock strategies, MLCF is recommended with a 'buy on dips' strategy targeting Rs98.91 and Rs101.17, with a stop loss at Rs93.55. Similarly, UBL is expected to recover, with targets set at Rs476.99 and Rs486.23 and a stop loss at Rs464.77.