Karachi: The KSE-100 index experienced a significant decline, closing at 174,430, a drop of 1,704 points from the previous day. Trading volumes decreased to 696 million shares from 1,003 million shares in the previous session, as the index fell below the 50-day moving average (DMA), suggesting further potential downside.

According to JS Global, the target for the KSE-100 index is now expected to be at the 200-DMA, currently at 169,672. Any upward movement will likely encounter resistance at the 50-DMA level of 174,670, followed by the 30-DMA at 178,550. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support a negative outlook. Investors are advised to exercise caution at this level, with support and resistance noted at 173,604 and 175,755, respectively.

In related market analysis, the Oil and Gas Development Company (OGDC) is anticipated to recover, with a recommended strategy of 'buy on dips,' targeting price points of Rs319.00 and Rs324.50, and a stop-loss at Rs313.00. Similarly, DG Khan Cement (DGKC) shows support at the 50-DMA, with a 'buy on dips' strategy targeting Rs207.60 and Rs210.91, and a stop-loss at Rs202.50.