Nifty rollovers into Feb a tad better than last month
Traders are now expecting the Nifty to take support near 6000 mark and extend its gains towards 6200.
“ The Nifty is in a consolidating phase and there is a likelihood of its stretching its gains towards 6200 or 6400 mark as long as the implied volatility trades below 17 mark,” said a trader.
For the February series, the maximum accumulations of open interest on call and put side were observed at the strike of 6200 and 6000, respectively, reinforcing the view on the index.
India VIX, a gauge of the underlying market volatility, inched up to 15.17 on Monday ahead of the RBI’s credit policy after hovering near its all time low of 13.04 in the last two months. On Thursday, it fell by 1.7% to 14.13. Generally the market volatility is observed to fall when the market is on a strong uptrend. It is a measure of the amount by which an underlying Index- the Nifty- is expected to fluctuate, in the near term.
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