Karachi: The KSE-100 index has resumed its downward trajectory, closing at 172,170 points, marking a decline of 6,683 points on a day-over-day basis. Trading volumes for the day were recorded at 543 million shares, a decrease from the previous 698 million shares.

According to JS Global, the index is anticipated to test support levels between 169,450 and 171,650 points. A fall below this range could target a level of 163,754 points. Conversely, any upward movement will encounter resistance between 174,365 and 177,080 points. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicate a bearish outlook, suggesting that investors should exercise caution at the current level. The specified support and resistance levels are 169,452 and 177,084, respectively.

In terms of specific stocks, United Bank Limited (UBL) is showing support at its 50-day moving average (DMA). The recommended strategy is to ‘buy on dips,’ aiming for target prices of Rs485.12 and Rs490.50, with a stop-loss set at Rs459.77. Similarly, D.G. Khan Cement Company Limited (DGKC) has support at its 200-DMA, with a ‘buy on dips’ strategy targeting Rs211.73 and Rs215.21, and a stop-loss at Rs206.96.