Karachi: The KSE100 index experienced a downturn, closing 345 points lower at 164,776, as market participation weakened and trading volumes declined by approximately 13% from the previous session. The index opened with optimism but was unable to maintain its momentum, closing the session on a bearish note.

According to AKD Securities Limited, the candlestick analysis indicates ongoing selling pressure, with nine bearish candles against one bullish candle recorded over the last 10 sessions, and a similar pattern observed over the past 50 sessions. The Relative Strength Index (RSI), a key momentum indicator, is currently at 32.38, suggesting the market is nearing oversold conditions.

Technical analysis points to immediate support at 164,400, with a potential decline to 163,900 and 163,100 if breached. Resistance levels are identified at 165,500, 166,500, and 166,900. The recommendation is to accumulate positions on market dips, with risks managed below the identified support zone.