Karachi: The KSE-100 index witnessed a range-bound session as it closed with a decline of 130 points, settling at the 171,074 mark. Trading volumes also saw a slight decrease, recording 650 million shares compared to the previous 685 million.

Market analysts suggest that the index may encounter resistance between 171,300 and 171,870 points. A breakout above this zone could drive the index towards levels of 173,031 and 175,883. Conversely, if the index drops below the support range of 170,400 to 170,740, a corrective trend may ensue.

Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are in decline, prompting a cautious approach from investors. Current support and resistance levels are identified at 170,739 and 171,638, respectively.

In sector-specific developments, OGDC is approaching its support range, with a recommended strategy of 'buy on dips,' targeting Rs268.35 and Rs270.65, with a stop-loss set at Rs260.30.

Meanwhile, HBL is predicted to resume its upward trend. The strategy of 'buy on dips' is advised, aiming for Rs324.01 and Rs332.10, with a stop-loss at Rs316.27, according to market insights from JS Global.