The KSE-100 index today experienced decline, ending the session at 112,564, a drop of 361 points. Trading volumes were lower, with 597 million shares, compared to 670 million in the previous session.
According to a statement by JS Global, the index has slipped below the 50-day moving average, now capping potential gains at 112,931, with the 30-day moving average at 113,754.
The downside is expected to find support between 111,920 and 112,250. A breach below these support levels could lead to a revisit of the recent low at 109,405. The indicators remain mixed, providing no definitive trading direction, prompting a cautious approach at current levels. Support and resistance are noted at 112,244 and 113,181, respectively.
In the market strategies, ISL is advised for a buy on dips approach, targeting Rs84.73 and Rs88.26, with a stop-loss at Rs79.99. Similarly, SNGP maintains a recovery trend with a ‘buy on dips’ strategy, aiming for Rs95.05 and Rs100.06, and a stop-loss at Rs88.55.