Karachi, Following a peak of 50,017, the KSE-100 index closed at a lower 49,531, dropping 200 points, as reported by JS Securities Limited. A pattern known as the Engulfing Bear suggests a momentum transition from bullish to bearish trends. Furthermore, a downturn in both the RSI and the Stochastic Oscillator backs this observation. If the index falls below 49,508, it may further descend to 49,111 and then to 48,551. Conversely, surpassing 50,017 could lead to an uptrend aiming for 50,178 and possibly 51,528. For now, investors are advised to approach with caution, given the support and resistance markers at 49,353 and 49,863.

For ENGRO stocks, the upward potential seems limited at the 200-DMA with a 'Sell on Strength' strategy proposed, targeting Rs260.89 and Rs256.53, and a stop loss set at Rs272.13. MLCF, on the other hand, is predicted to maintain its steady ascent with the 'Buy on dips' strategy targeting Rs36.51 and Rs37.69, and a stop loss positioned at Rs34.25.