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The options data indicate that on the higher side, the Nifty 50 may face resistance at 23,000, while on the lower side, 22,000 is the key support to watch.
The market has reached near the crucial resistance of 23,000 on the Nifty 50, and it needs to give a strong close above the same for further upward journey from hereon.
India VIX is a volatility index based on the Nifty index option prices. From the best bid-ask prices of Nifty Options contracts, a volatility percentage figure is calculated, which reflects the likely stock market volatility over the next 30 calendar days.
Nifty on Monday ended 33 points lower to form an Inside Bar pattern on the daily chart with the India VIX recording a surge of over 13%.
Nifty 50 closed lower due to state-run banks, while S&P BSE Sensex closed slightly higher. Analysts suggest selling if Nifty breaches 22348 or rises to 22570-22620. US markets rose on Fed rate cut hopes.