Synopsis
India VIX moved up 1.09 per cent from 22.18 to 22.42 levels. Volatility needs to cool down below 20 level to commence the fresh leg of rally for a new lifetime high. However, volatility could be comparatively higher ahead of Budget 2021.
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Nifty opened flattish on Friday but failed to hold above 14,600 level and drifted sharply towards 14,350 zone. It cascaded more than 250 points and closed the session deep in the red with around 1.5 per cent loss. Nifty formed a bearish candle on the daily scale and a Doji with a long upper shadow on the weekly scale, which indicated that selling pressure is seen at higher levels.