Nifty 50 Tanks 200 Pts; India VIX Soars 100% in 13 Sessions!

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Nifty 50 Tanks 200 Pts; India VIX Soars 100% in 13 Sessions!

The broader markets started the week with intense selling pressure. The index fell over 200 points to 21,853, which is the lowest level of the month so far. At the current rate, the index is now down over 940 points from the recent all-time high of 22,794, marked earlier this month.

Some of you might be thinking that the trend has turned negative after this decent correction but traders should not jump the ****. There is strong support around 21,800 – 21,700 which has been keeping the index from falling for a long time. Nifty 50 has taken support from here a couple of times and bounced back sharply to touch a new lifetime high.

In technical parlance, the more the number of times a support is tested, the stronger it becomes. Now, the index is again approaching this level which traders need to carefully watch for any potential long opportunity they are seeking.

This time there is something more that needs traders’ attention – . It is up for the 13th consecutive session, going from 10.2 odd levels to 21.2 today. That’s a massive jump of 107% in a mere 13 sessions! That’s not normal behavior and this time we are witnessing such a gigantic rise due to the upcoming Lok Sabha election results which would be the biggest event for the markets this year.

A high denotes the higher possibility of a large move irrespective of the direction. More often than not, traders ***** a downward move because that’s generally where the magnitude of the move is higher. Rarely does a market move rampant on the upside.

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Hence, buying the dip is the ideal strategy here as Nifty 50 is approaching its support but very cautious should be maintained as India VIX has risen over 21 for the first time after October 2022.

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#Nifty #Tanks #Pts #India #VIX #Soars #Sessions

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