Karachi: The KSE-100 index continued its downward trend, closing at 170,314, marking a decline of 133 points from the previous day. Trading volumes were slightly down, with 1,069 million shares exchanged compared to 1,177 million the day before. Market analysts suggest that the index is likely to consolidate at current levels, with potential declines targeting 168,192. Any upward movement is expected to face resistance between 171,390 and 171,930, with further gains possible at 173,031 and 175,883 if this resistance is overcome.

Mixed momentum indicators are pointing to an uncertain trading outlook. Analysts recommend that investors exercise caution with higher valuations and consider waiting for price dips before making further investments. Key support and resistance levels are identified at 169,232 and 171,394, respectively.

In the broader market, NETSOL Technologies closed above its 50-day moving average. Analysts advise a 'buy on dips' strategy, targeting prices of Rs138.89 and Rs149.26, with a stop loss set at Rs133.01. Similarly, HBL is gaining momentum, with a recommended 'buy on dips' approach, aiming for Rs324.50 and Rs335.69, and a stop loss at Rs313.10.

These insights come from JS Global, providing a technical outlook on the market's current performance and potential future movements.