Markets has confirmed major reversal on Tuesday after key indices rallied nearly 2% with India VIX closing below 22%. The India VIX has completed phase of Running Triangle and is poised for a major breakdown in days to come.
The implication of India VIX fall indicates heavy put writing in the coming days and this should eventually force Nifty to new highs. The support line of triangle is seen at 20 below which India VIX may spiral down to 9 in the near future.
From Nifty perspective, a close above 15683 should trigger a move towards 18600.
US indices closed sharply higher while Asian indices have opened mixed. The SGX Nifty is indicating a slightly negative opening as of now. Oil prices slide as Joe Biden pushes for US fuel cost cuts.
India VIX hints at Major Upmove for Nifty50 Index
Stocks to watch
Positive Read Through
- Hero MotoCorp- The company has introduced Euro-V complaint Xpulse 200 4V motorcycle and Dash 110 and Dash 125 scooters in Turkey.
- Jain Irrigation- Jain International Trading BV, a wholly-owned subsidiary, has agreed to merge its business with Rivulis Pte.
- Coal India- Adani Enterprises and 10 other cos, including offshore firms, have expressed interest in bidding for coal import tenders
- INOX Leisure gets a nod from NSE & BSE on the scheme of amalgamation with PVR
- Infosys- Recognized as a Leader in the 2022 Gartner Magic Quadrant for Oracle Cloud Applications Services, Worldwide
- M&M- Reports say OTPP plans to buy 49 pct in Mahindra Susten for Rs 2300 cr
- SBI Cards- RBI extends the deadline for implementing some norms for credit cards
- HDFC Bank- says don’t need to raise funds for reserve norms post-HDFC merger.
Negative Read Through
- Biocon- CBI arrests Biocon Biologics official in bribery case involving joint drugs controller
- Zomato to consider an acquisition via issuance of equity
- Hind Copper- Copper prices fall to a 9-month low of USD 8830 a ton
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