Karachi: The KSE-100 index experienced a substantial drop, losing 2,007 points to close at 163,924, as bearish trends dominated the market. The trading volume decreased slightly, with 367 million shares exchanged compared to 380 million in the previous session. Analysts suggest the index may test support levels between 163,610 and 163,790, with further declines possible if these levels are breached. Resistance is expected between 164,620 and 166,180. Investors are advised to remain cautious.

According to JS Global, the technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are on a downward trajectory, reinforcing a negative market outlook. The support and resistance levels are identified at 163,078 and 165,475, respectively. In other market movements, the Oil and Gas Development Company (OGDC) shows signs of recovery, with a 'buy on dips' strategy targeting Rs302.00 and Rs306.73, while International Steels Limited (ISL) is expected to continue its consolidation, targeting Rs79.10 and Rs81.25.