Karachi: The market index experienced a notable decline, closing the session 5,150 points lower at 174,454, as it faced sustained selling pressure throughout the day. Despite opening on a slightly positive note, the index hit an intraday low of 6,030 points, reflecting a challenging trading environment. Trading volumes remained largely unchanged, mirroring the muted activity observed in previous sessions.

According to AKD Securities Limited, the market has recorded four positive and six negative closes over the past ten trading sessions, resulting in a net decline of two sessions. The index has posted three consecutive negative closes and recently closed below the 50-day Simple Moving Average, a critical support level. Additionally, it finished 19.4% below the lower Bollinger Band, with the bands currently 12.00% wider than normal, indicating elevated volatility.

Technically, the immediate support is identified at 173,500, with a potential decline extending toward 172,500 and 171,400 if breached. Resistance levels are anticipated around 176,000, followed by 177,100 and 178,000. Analysts recommend a cautious trading approach and suggest accumulating positions on dips, with risks defined below the support zone.