Karachi: The Karachi Stock Exchange faced another challenging day as the KSE-100 index fell by 2,026 points, closing at 182,384, according to a press release from JS Global. This drop highlights the ongoing bearish trend in the market, with the index poised to test its support level at 182,304. Analysts warn that a fall below this benchmark could lead to further declines, potentially targeting levels of 180,735 and 179,043.

Trading volumes were recorded at 1,059 million shares, a slight increase from the previous session's 1,034 million shares. Despite this uptick, the overall market sentiment remains cautious. Resistance is anticipated in the range of 183,040 to 184,440, with technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator suggesting additional downward pressure.

In light of these developments, experts recommend that investors exercise caution at current levels. Support and resistance levels have been identified at 181,645 and 183,780, respectively.

In individual stock news, Maple Leaf Cement Factory (MLCF) is reported to have completed its correction phase, with a recovery anticipated. The suggested strategy for MLCF is to 'buy on dips,' targeting price points of Rs120.00 and Rs124.00, with a stop-loss at Rs115.00.

Similarly, International Steels Limited (ISL) is undergoing a support test at its 30-day moving average. The advised approach for ISL is also 'buy on dips,' with target prices set at Rs111.90 and Rs114.34, and a stop-loss at Rs107.32.

These insights provide a strategic outlook for investors navigating the current market conditions, with a focus on cautious engagement amid continued volatility.