India VIX – Intraday Charts
NSE’s volatility index, or India VIX, fell as much as 23.88 percent, its biggest single-day intraday fall since August 26, 2009 after exit poll results showed BJP and its allies headed for a majority in elections. Currently the VIX on the hourly charts turned to positional sell mode with VIX positional resistance comes around 39.
Nifty Hourly Charts
Nifty and Banknifty is in positional buy mode since last friday following with a big uptrend before the election results to arrive. Election Results will be announced on 16th May. And the Investors and Traders those who are in long positions started rejoicing.
Currently Nifty and Banknifty support zone comes 6944 and 13781 respectively. Reverse your position to positional shorts if the support zone breaks on the hourly charts.
The Open interest picture shows minor amount of put writing at 6400PE with highest open interest across the strike prices. As of now no major writing in calls side seen. Most of the positions should be speculative position due to Election Results Mania. 7000CE and 7500CE holds higher open interest on the calls side.