Karachi: The KSE-100 index experienced a significant decline, closing 1,109 points lower at 176,846 after a day of volatile trading. The market saw an intraday high of 987 points and a low of 1,317 points, with trading volumes decreasing by approximately 20% compared to the previous session.

According to AKD Securities Limited, the technical indicators suggest a bearish outlook. The MACD has dipped below its signal line following a previous bearish crossover, resulting in the KSE-100 trading between 178,942 and 176,638. Additionally, the RSI stands at 46.05, below the neutral 50 level, indicating a weakening momentum. The index's position below the 21-day SMA of 177,727 points to short-term selling pressure.

Immediate support is projected at 176,800, with a breach potentially driving the index down to 175,500 and 174,500. Resistance levels are identified at 178,800, followed by 179,500 and 180,500. A cautious trading approach is advised, with a strategy to accumulate positions on market dips, defining risk below the support zone.