Derivatives outlook India VIX fell by 5.98 per cent from 15 to 14.10 levels. India VIX is on a downward slope, near its lowest levels in the last 17 months, since February 2020. A falling VIX could continue to push a buy-on-decline strategy in the market. On option front, maximum Put OI is at 15000 followed by 15500 strike price. while maximum Call OI is at 16000 followed by 16100 strike price. Call writing was seen at 15800 and 16100 strikes, while Put writing was seen at 15500, then 15709 level strikes. Option data suggests an immediate trading range between 15500-16000. Bank Nifty opened positive on Friday, but moved towards south for the first half of the day. The latter part of the day saw a range-bound movement and finally the index closed with loss of around 80 points. Bank Nifty formed a bearish candle on the daily and weekly scale, as supply pressure is seen at higher levels. Now the index has to hold above 35000 levels to witness an up-move towards 35500 and 35750 levels, while on the downside, the support exists at 34750 and 34500 levels.