A breach of the 22,550 spot Nifty support represents a negative/cautionary signal, which opens the doors for a downside target of 22,300. Recovery hopes are contingent upon the Nifty staging a comeback above 22,600.
When VIX is high, volatility is extremely high and quite often one observes prices crashing ferociously, says derivatives expert Rahul Ghose, CEO of Hedged.in
Among the constituents of Nifty Auto, M&M has broken out of a 13-day consolidation phase on a daily scale. The daily and weekly RSI are in the bullish zone according to RSI range shift rules.