This week, the NEPSE Index closed at 2,486.76, reflecting a significant drop of 90 points or 3.49%. Last week, the index stood at 2,576.76, having already experienced a decline of 4.16% from the previous period.
Throughout the week, the market showed increased volatility, with the index hitting a high of 2,643.51 and a low of 2,443.28, a total fluctuation of 200.23 points compared to 183.18 points in the previous week. The sharpest intraday loss occurred on Monday, with the index dropping by 59.02 points. Despite this, total turnover for the week amounted to Rs 26.09 Arba.
Momentum Indicators: The Relative Strength Index (RSI) on the daily chart is 36.74, indicating a bearish trend. On the weekly chart, the RSI is slightly more positive at 53.48. Meanwhile, the Moving Average Convergence Divergence (MACD) and Signal lines remain in the negative zone, with the MACD reading at -55.48, further pointing to bearish sentiment.
The NEPSE Index is currently below both the 20-day and 5-day Exponential Moving Averages, reinforcing the downward trend. The 2,430 level is anticipated to provide near-term support, while resistance is likely around the 2,700 mark.