Karachi: The KSE-100 index experienced a decline, losing 1,493 points to close at 173,887, with an increase in trading volumes to 1,480 million shares from the previous 1,000 million. The index is anticipated to consolidate above its 200-day moving average, according to recent market analysis.

According to JS Global, the KSE-100 index is expected to test support at 172,810, with further declines potentially targeting 172,286 and the 200-day moving average at 171,204. Conversely, upward movement could face resistance between 174,360 and 175,250, with potential targets at 177,160. The mixed momentum indicators suggest no definitive trading view. The recommendation for investors is to 'buy on dips', with defined risk below the 200-day moving average. Support and resistance levels are identified at 173,008 and 174,567, respectively.

In terms of specific stocks, the analysis suggests a 'buy on dips' strategy for HBL, targeting Rs302.71 and Rs309.50, with a stop-loss at Rs293.55. Similarly, for OGDC, the strategy targets Rs317.80 and Rs321.90, with a stop-loss at Rs306.86.