India VIX plunges whopping 9.5 per cent; Phoenix Mills & Indiabulls Real Estate witness towering gains

Market Update at 10:30 AM: Nifty opened the session on a strong note and within no time, it went onto register a fresh all-time high of 15,693. At present, it is trading above the 15,650 mark, up by 0.51 per cent. Interestingly, the volatility index i.e. India VIX has plunged a whopping 9.5 per cent and it is seen trading below the 16 mark.  

Barring Nifty Auto, all other indices were trading in the green, with Nifty Realty leading from the front. All the constituents of Nifty Realty were trading in green with Phoenix Mills and Indiabulls Real Estate emerging as the top gainers, jumping over 5 per cent each in early deals.  

Pre-Market: Nifty opened the session below the prior bar’s low and as the day progressed, the index extended its losses by marking a low of 15,459.85. However, in the second half of the trading session, a V-shaped recovery was witnessed and Nifty ended the session up by 0.01 per cent at the level of 15,576. The broader market outperformed the frontline indices with Nifty Mid-cap 100 and Nifty Small-cap 100 ending up by 1.43 per cent and 1.31 per cent, respectively.   

The price action of the day formed a small bullish candle with a long lower shadow, which indicates that buying interest was witnessed on the lower levels. Though Nifty saw pulling itself back from the lows of 15,459.85 levels yet it registered a lower high & a lower low as compared to its prior bar. On the other hand, the bulls can take solace from the fact that despite opening below the prior bar low & slipping below the 15,500 mark, Nifty closed higher as compared to the prior session.   

Going ahead, the low of Wednesday's session, which is placed around the level of 15,459 is likely to act as near-term support while on the upside, the level of 15,600-15,660 may act as immediate resistance. The index is likely to trade within this range on Thursday and for a directional move, it needs to emerge out of this range with a fresh breakout in either direction. The breaking out range would result in a quick move of about 100 points.