Despite the positive trend, analysts remain skeptical of the high levels of India VIX, the volatility gauge, as they anticipate wild swings in the second half of the trade today
On the option front, 21,700 saw most put writing followed by 21,600 as bulls created support for the index. 21,700 also saw heavy call writing, followed by 21,900 and 21,800
Analysts believe the breather in the market is welcomed as the recent bull run had pushed the Nifty 50 into an overbought zone. Nonetheless, they believe the underlying sentiment in the market still remains bullish.
Though come volatility is expected in the second half of trade due to the expiry of the December F&O series, analysts expect the strong upward momentum to continue in the coming session. Likewise, they expect the Nifty 50 to hit the 22,000-mark in the near-term.