But overall stock-specific action is clearly there in the market. The sectors which have already shown the breakout in the recent past are continuously showing the buying interest.
When asked about Kotak Mahindra Bank shares, the market expert said immediate support will be at Rs 1,650. "A decline below the said support level can drag the stock towards Rs 1,600. Resistance will be at Rs 1,730-1,740 levels," Palviya told Business Today TV.
On the options front, the maximum Call OI is placed at 22500 and then towards 22700 strikes while the maximum Put OI is placed at 22000 and then towards 22300 strikes.
"The drop in VIX is unprecedented, as previously readings of VIX near 8-9% were seen when markets were making a top. This is showing that traders have become overly positive about the upcoming days."