Karachi: The KSE-100 index continued its decline, closing at 111,487, a decrease of 543 points from the previous session. Trading volumes dropped to 449 million shares from 518 million shares traded in the prior session. Analysts warn that if the downward trend persists, the index may target the 50-day moving average currently set at 110,315. Resistance is expected if the index attempts an upward movement, particularly within the 111,730-112,570 range and at the 30-day moving average of 113,745.

According to a statement by JS Global, technical indicators such as the Relative Strength Index and the Stochastic Oscillator are on a downward trajectory, reinforcing a negative outlook for the market. Investors are advised to exercise caution and consider buying opportunities only during dips. Current support and resistance levels are pegged at 110,906 and 112,319, respectively.

In other market updates, Sui Northern Gas Pipelines Limited (SNGP) is expected to continue its decline. The recommended strategy is to 'Sell on Strength', with target prices set at Rs88.13 and Rs85.20, and a stop-loss at Rs92.80. Meanwhile, Habib Bank Limited (HBL) shows limited downside risk, with a 'Buy on dips' strategy. Target prices for HBL are Rs176.96 and Rs180.09, with a stop-loss at Rs170.31.