Karachi: The KSE-100 index demonstrated a continued downward trend, shedding 639 points to settle at 163,806, as trading volumes declined to 1,979 million shares from the previous 3,078 million. Analysts anticipate the index may encounter resistance between 164,850 and 165,900, with potential targets set at 167,562 and the record high of 169,989 if the upward momentum holds. Conversely, support levels are identified between 162,070 and 162,940, with further backing at the 30-day moving average of 161,213. Given the declines in the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), experts advise a cautious approach at current levels, noting support and resistance at 162,939 and 164,852, respectively.

In other market movements, Pakistan Petroleum Limited (PPL) is nearing its 200-day moving average support, prompting a 'buy on dips' strategy with targets at Rs186.03 and Rs189.35, and a stop-loss at Rs177.81.

Similarly, International Steels Limited (ISL) is expected to continue its recovery, with a 'buy on dips' strategy targeting Rs108.00 and Rs112.72, while maintaining a stop-loss at Rs99.10.

These insights, provided by JS Global, suggest that investors should remain vigilant in navigating the current market conditions.