Karachi: The KSE-100 index experienced a significant decline, closing at 177,693 points, a drop of 779 points from the previous day. Trading volumes were recorded at 765 million shares, a decrease from the 807 million shares traded earlier. The market is poised to test support between 176,520 and 177,110 points, with further decline potentially targeting the 30-day moving average at 171,345 points. Resistance is expected between 178,250 and 179,410 points, with a breakthrough potentially reaching the recent high of 182,185 points.

According to JS Global, technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have shown weakness, suggesting a cautious approach for investors. The recommended strategy is to remain cautious at higher levels and consider buying on dips. The support and resistance levels are identified at 177,110 and 178,840 points, respectively.

In other market movements, Maple Leaf Cement Factory (MLCF) is expected to resume its uptrend with a strategy of buying on dips, targeting Rs106.95 and Rs110.75, with a stop-loss at Rs100.45. Similarly, Attock Refinery Limited (ATRL) is in a consolidation phase above key averages, with a strategy of buying on dips, targeting Rs914.10 and Rs926.99, and a stop-loss at Rs892.95.