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India VIX is in Pushpa Mode

May 24, 2022

The Nifty and Bank Nifty index both resisted at last week's high and gap area. This is exactly what I had highlighted when I shared the levels for Nifty and Bank Nifty yesterday.

As we are witnessing selling pressure in the Nifty, which lost over 200 points in the second half yesterday, the India VIX recovered over 10% from the day's low.

US markets ended in green with 2% gains, while Asian indices started the day on a flat to negative note.

Today, the Nifty opened on positive note but slipped into the red while the India VIX continued its positive rally and is trending higher with 10% gains today. It's in Pushpa mode.

India VIX Daily Chart

 

As the India VIX heads higher to March 2022 levels, it raises a red flags for the bulls.

With theprice resisting on the Nifty and the VIX also rising, bulls need to be cautious at current levels.

On other hand, the bulls need to protect 16,000PE writing (open interest of 1.78L as on 9:55am) which can be the last hope as we to step into the June series.

The break of 15,900-16,500 on the Nifty seems to have better trending trades or theIndia VIX falling below 20 levels.

As I write this, the SGX Nifty live chart is down to 16,130 levels. Meanwhile, the Nifty 50 index is trading at 16,160 levels.

Dr Reddy's Lab and Kotak Bank are the top gainers while Divi's Lab and Grasim are the top losers.

If you're interested in being part of my charting journey as I share how to create wealth from the profitable trade setup, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.

To know more about how the Nifty and Bank Nifty index are performing, please see the NSE Nifty Live Chart and NSE Bank Nifty long term chart.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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