Newgen Software Technologies Ltd – Technical View
The stock is trading in a well-defined descending channel after a sharp sell-off, indicating strong bearish control. Price recently tested the lower channel support and is attempting a short-term stabilization. Bollinger Bands are expanded, reflecting high volatility after distribution. The stock remains below key moving averages, so trend reversal confirmation is still pending.
🔹 Resistance: ₹680–720
🔹 Support: ₹620 | Major: ₹600
🔹 RSI: ~28–38, deep oversold zone, bounce possible but trend weak
🔹 Volume: Spike during breakdown suggests institutional selling pressure
📈 Bias: Pullback possible, but a sustained move above ₹720 is required for trend reversal.
📉 Risk: Breakdown below ₹600 may extend downside momentum.
📜 SEBI Regd RA | AALGO BREATHS (INH000019886)
⚠️ Educational purpose only. Not a buy/sell recommendation.