India VIX was down by 0.84% from 11.27 to 11.18 levels. Volatility spiked towards 12 and sank gradually during the day.
Option data suggests a broader trading range between 19,000 and 20,000 zones while an immediate trading range between 19,200 and 19,600 zones.
What should traders do? Here’s what analysts said:
Osho Krishan, Angel One
On the technical charts, the benchmark index is hovering near the sacrosanct support of the bullish gap at 19,201-19,235, which might act as a pitstop for the bears in the near term, before which 19,300 might provide some cushioning. While on the flip side, 19,500 is likely to be seen as an immediate hurdle (coincides with 20 DEMA), followed by the bearish gap around 19680 in the comparable period.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Nifty is comfortably trading below the 20 day SMA (Simple Moving Average) and is also holding a lower top formation on intraday charts, which is indicating further downside from the current levels. On the higher side, the market could move up till 19,450-19,500. On the flip side, below 19,350, the selling pressure is likely to accelerate. Below which, the market could slip till 19,300-19,250.
Rupak De, Senior Technical analyst at LKP Securities
The index fell sharply following a breakdown below 19,500. However, 19,300 acted as support on a sustained basis for the day. Going forward, 19,300 may act as crucial support, while, on the higher end resistance is seen at 19,500/19,650.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)