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The India VIX climbed 2.09% to close at 15.99 on Thursday, indicating heightened caution. FII selling pressure continues, as the Long-Short ratio hovers around the 25% level.
“India VIX is up by more than 7% this week, which increases volatility. Until Nifty holds below the 23,500 zone, any bounce could be sold with a downside target towards the 23,000 zone,” said Chandan Taparia, Head of Equity Derivatives & Technicals, Wealth Management at MOFSL.
“Persistent selling from higher levels continues, with the sell-on-bounce trend firmly in place. On the weekly chart, Nifty formed a bearish candle and remained below all short-term moving averages, indicating that bears may extend their dominance,” he added.
“The current price action suggests that the index may remain under pressure until stability is found near key support levels,” Taparia said.
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