Karachi: The KSE-100 index experienced a decline, closing at 166,409 points, marking a decrease of 784 points from the previous day. Trading volumes increased slightly with 825 million shares exchanged compared to 816 million shares in the prior session. The index is anticipated to encounter resistance at the 167,280 mark, corresponding to the 30-day moving average (DMA).

According to JS Research, surpassing the 30-DMA could lead the index towards the 50-DMA at 169,726, followed by 171,499, which aligns with the 200-DMA. Conversely, a downturn is expected to find support between the 165,670 and 166,330 range. A fall below these levels may signal a continuation of the downtrend. Despite the Moving Average Convergence Divergence (MACD) indicator showing an upward movement, the Relative Strength Index (RSI) has exhibited weakness, resulting in no definitive trading direction. Investors are advised to remain cautious and consider waiting for dips. The specific support and resistance levels are set at 166,044 and 167,056, respectively.

For specific stocks, ISL is showing gradual upward movement with a strategy of 'buy on dips' targeting price points of Rs78.90 and Rs82.17, with a stop-loss at Rs75.70. HBL is expected to consolidate below its 30-DMA, with a similar 'buy on dips' strategy targeting Rs295.30 and Rs301.26, and a stop-loss set at Rs287.30.