Karachi: The KSE-100 index experienced a significant downturn, losing 1,632 points to close at 164,626, as bearish trends continued to prevail. Trading volumes were recorded at 620 million shares, down from 688 million previously, with the index expected to find support between 163,900 and 164,230 levels.

According to JS Global, any decline below these support levels could see the index targeting 159,464. Conversely, potential upward movement will encounter resistance between 165,680 and 168,200 levels, with a breakthrough necessary to signal a recovery trend. The RSI and MACD indicators are trending downwards, reinforcing the bearish market outlook. Investors are advised to exercise caution at current levels, with support and resistance identified at 163,173 and 167,136, respectively.

In sector-specific analysis, OGDC's price has stabilized, suggesting a recovery may be imminent. The recommended strategy is to 'buy on dips,' targeting price levels of Rs287.95 and Rs292.48, while implementing a stop-loss at Rs278.98. For ISL, a double bottom support formation has been observed, prompting a 'buy on dips' strategy with target prices of Rs91.95 and Rs93.89 and a stop-loss at Rs86.00.