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If we adjoin that trend line, the support comes in at around today's low only. But overall, the way it has come down from the higher levels, it looks like that the bears are having more dominance right now and the chances of going down looking higher than from here.
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When you look at the relative valuations, India in relation to Asia ex-Japan, that argument becomes even more egregious. India is on a forward PE basis trading at about 62% premium to Asia ex-Japan. The long-term average is 38%. On price to book it is between 80% to 90% premium.
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US President Donald Trump announced the dismissal of four senior officials appointed by his predecessor and hinted at the removal of over a thousand more. This move suggests a significant shift in his administration and indicates a potential overhaul of government institutions in the near future.
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