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Nifty Market Analysis - August 24, 2015 by GauriGan is a document available to read on EtoBox.
The Nifty witnessed a sharp decline of around 490 points on August 24th, registering a "Black Monday". The index opened with a large gap down and saw consistent declines throughout the session. A breakdown from a converging triangle pattern triggered the sharp fall. Key support levels around 7940 were breached, and the index closed below previous gap fill levels, demonstrating weakness. Momentum indicators like the 14-day RSI reached very low levels, indicating further potential downside in the short term.
- Author
- GauriGan
- Language
- EN