Karachi: The KSE-100 index experienced a downturn, closing at 164,776 points, marking a decrease of 348 points on a day-to-day basis. Trading volumes increased to 384 million shares from the previous 363 million. The immediate support level is identified between the 163,610 and 162,050 range, with a potential decline towards 159,520 if breached. Conversely, any upward movement will encounter resistance between 165,200 and 166,500, with a breakthrough targeting the 169,938 mark, as indicated by the 30-day moving average.

According to JS Global, the Relative Strength Index (RSI) has created a bullish divergence, suggesting a possible recovery in the near future. Investors are advised to remain cautious at higher levels and consider purchasing during market dips. The current support and resistance levels are at 164,343 and 165,640, respectively.

In related market analysis, Pakistan State Oil (PSO) is expected to continue its consolidation above key averages, with a strategy recommendation of 'buy on dips', targeting Rs363.90 and Rs366.40, while setting a stop-loss at Rs355.76. Similarly, International Steels Limited (ISL) is anticipated to recover, with a 'buy on dips' strategy targeting Rs81.63 and Rs82.89, and a stop-loss at Rs75.44.