Karachi: The KSE100 index experienced a significant downturn, closing 2,541 points lower at 167,971 amid strong bearish pressure throughout the trading session. The market opened on a negative note and witnessed a decline to an intraday low of 3,070 points. Trading volumes also saw a reduction, decreasing by approximately 16% compared to the previous session.

According to AKD Securities Limited, the index is currently trading 0.9% below its 200-period moving average, with elevated volatility observed relative to the prior 10 trading sessions. Volume indicators suggest moderate outflows, reflecting mildly bearish participation. The Relative Strength Index (RSI), a momentum indicator, stands at 28.74, indicating weak momentum and further oversold conditions. On the daily chart, the index remains below its 200-day Simple Moving Average (200-SMA), set at 172,118, exerting pressure on the short-term technical outlook.

Technical analysis identifies immediate support at 167,500, with potential for further decline toward 166,700 and 165,800 if breached. Resistance levels are projected around 170,100, followed by 170,800 and 171,500. Analysts recommend a cautious trading approach, suggesting the accumulation of positions on dips with risk management below the support zone.