Home / Markets / Stock Markets /  Nifty holds 17k level amid rising volatility

Bulls and bears are slugging it out on the Street with the benchmark index Nifty managing to stay briefly in the green after testing its 200-day simple moving average at 16987 and well off the day’s low at 16825. 

From the low, the index bounced back to 17037, gaining 212 points in the bargain at around 12:45 pm. The 17000 level is acting as a pivot currently with both bulls and bears trying hard to force it above or below that level.

However, the bias seems to be in favour of bears if intraday call selling is anything to go by. Since 17000 is the key psychological level, the positioning created by call and put sellers at this level assumes significance.).

As of 12:45 pm, call sellers added 1.22 lakh shares (50 shares make one Nifty contract) at the 17000 call side, taking the total to 1.98 lakh shares, while put sellers added 66417 shares to a total of 1.75 lakh shares at the 17000 put side, showing that more option sellers have a negative bias. The options expire tomorrow, a day before the Monetary Policy Committee's rate outcome.

The benchmark equity index has declined 6% or almost 1100 points in the past eight sessions amid a slew of negative global cues that point to an increasingly risk-off sentiment. Volatility gauge India VIX, a measure of investor greed and fear, has surged 17% coinciding with the market fall.


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