NSEASI Downtrend Continues Amist Weak Momentum

   Chart Source: Amibroker                                                                       NSEASI Daily chart

Market Sentiment:                                                                      Actionable Points

Long term – Bearish                                                                       Intermediate Resistance: 31,256.16 bps
Mid-term – Neutral                                                                        Support: 28,053.16 bps
Short term – Bearish

Technical Profiling:

The NSEASI continues to trend lower at a weak price momentum. This is defined by declining price trend and declining volume at finding support at the lower Bollinger band.

Technical Implication:

Downward momentum loosing steam as the uptrend is building momentum. A reversal at this current support level could offer short term potentials in speculative stocks, on the other hand a breach below key support level 28,053 would solidify the bearish trend. 

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