Though VIX has been rising due to ongoing Elections, the recent correction in Nifty has accelerated the up move which is likely to cap the gains in the near term.
Nifty is trading above its recent low of 11,550, and thus, the structure of higher highs and higher lows remains intact. Hence, 11,550 becomes the pivotal support for the market.
A close below 11,550 levels would break the uptrend and the decline could extend towards 11,310 levels. On the upside, 11,750-11,800 zone is likely to act as resistance for the market heading into this series' expiry.
On the options front, maximum open interest for puts is seen at strike price 11,500, while for calls, maximum open interest is seen at strike price 11,700.
India VIX closed at 24.64 level, up 2.45 percent. Though VIX has been rising due to ongoing elections, the recent correction in Nifty has accelerated the up move which is likely to cap the gains in the near term.
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