Nifty Started the day with a big gap down with a huge volume flow for the major part of the day and daily sentiment turned negative breaking all the major support zones for this month. The auction could turn negative for the month. Price sustaining below 21500 brings more positional correction for this month.
The banking counter does most of the damage for the day with HDFC Bank impacting Nifty heavily. HDFC Bank alone dragged the Nifty down by 243 points single-handedly.
India VIX jumped to 15+ levels and fear in the markets got elevated post the HDFC Bank earning results. resulting in increased IV sentiment.