India's VIX marginally moved up by 0.46 percent from 16.22 to 16.29 levels yesterday. Volatility is quoting near the highest levels of the last 28 trading sessions thus giving an overall grip to the bears in the market.
India VIX or a volatility index is a leading indicator of confidence in the market. The market fear barometer VIX closed above the 200 daily moving average level yesterday and now needs to sustain below 14.5 for Nifty to attain stability.
Sudeep Shah, Head of Technical and Derivate Research, SBI Securities said “Post opening, expect the index to take resistance at 17050-17070 zones and as long as the index trading below these levels, it is expected to test 16880-16900 zones, while the breach of supports at 16880 would lead to down move towards 16790 levels.”
Domestic indices opened in the red territory with Sensex down 120 points and Nifty 50 down 34 points. Bank Nifty fell 103 points or 0.26%. The top gainers on Nifty 50 were BPCL, Titan, Power Grid, Nestle India and Divis Lab while the top losers were Hindalco, Tata Steel, JSW Steel, IndusInd Bank and ONGC.
First Published: Mar 16, 2023 10:14 AM IST
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