Karachi: The KSE-100 index experienced a significant downturn, ending the trading session at 171,739 points, a decrease of 2,690 points. The volume of shares traded also fell to 525 million from the previous 696 million. Market analysts suggest that if this trend continues, the index could hit the 200-day moving average at 169,688, while any potential upward movement might encounter resistance at the 50-day moving average of 174,647.

According to JS Global, technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are trending downward, reinforcing a negative outlook for the market. Investors are advised to exercise caution at the current levels, with support and resistance noted at 170,517 and 174,100, respectively.

In other developments, JS Global outlined strategies for specific stocks. For Attock Refinery Limited (ATRL), a 'buy on dips' approach is recommended, targeting price levels of Rs934.44 and Rs949.55, with a stop-loss at Rs910.00. Similarly, for Habib Bank Limited (HBL), the strategy is also 'buy on dips', with target prices set at Rs301.22 and Rs303.51, and a stop-loss at Rs293.85.