VIX cools off
Dhupesh Dhameja,
Derivatives Research Analyst,
SAMCO Securities
Mumbai, 15 June 2026: Nifty witnessed a follow-through buying session and closed at 23,853.90, gaining 231 points (+0.98%).
Derivatives Analysis Report
Nifty Strengthens Its Recovery Path; Sustained Move Above 23,800 Improves Outlook
The index sustained above the crucial 50-DEMA (23,772) for the second consecutive session and continued to build on Friday's breakout move. More importantly, the index has now reclaimed the 23,800 zone and is gradually approaching the psychologically important 24,000 mark, reflecting improving market sentiment and strengthening bullish participation.
Technically, the sharp recovery from the 23,050–23,100 support zone has significantly improved the short-term structure. The index has formed a sequence of higher lows after reclaiming the 50-DEMA, indicating that buyers are gradually regaining control. However, despite the positive close, the index witnessed some profit booking from intraday highs near the 24,000 mark, highlighting the presence of supply at higher levels. The zone between 24,000 and 24,050 remains an immediate hurdle, coinciding with a key resistance area visible on the daily chart.
Momentum indicator RSI has strengthened further to 56.33, sustaining above the neutral 50 mark and above its signal line, reflecting improving momentum and renewed buying interest. The RSI structure suggests that the recent upmove is backed by strengthening participation rather than merely short covering.
From a derivatives perspective, the options setup remains constructive, but resistance is clearly visible at higher strikes. Significant Put Open Interest accumulation is concentrated at 23,800 and 23,500 strikes, reinforcing a strong support base beneath the market. On the upside, substantial Call Open Interest is positioned at 23,900, followed by 24,000 strikes, making this zone the immediate challenge for bulls. The PCR stands at 0.96, indicating improving sentiment, although call writers continue to defend higher strike levels aggressively. Meanwhile, India VIX declined further to 14.35 (-2.48%), reflecting easing volatility expectations and supporting the ongoing recovery phase.
For the upcoming session, 23,772–23,800 remains a crucial support zone. As long as the index sustains above the reclaimed 50-DEMA, the positive bias is likely to remain intact. A decisive breakout above 24,000 could trigger fresh short covering and open the door towards 24,250–24,500. Until then, traders may continue to adopt a 'buy on dips' approach, while keeping a close watch on the 24,000 resistance zone, where the next directional move is likely to emerge.
Nifty Bank Holds Ground Above 200-DEMA
Nifty Bank index continued to exhibit relative strength and closed at 57,198.80, up 384 points (+0.68%), outperforming the broader market. The index has now reclaimed and sustained above its 200-DEMA (56,114), highlighting a significant improvement in the medium-term trend structure. More importantly, the latest rally has pushed the index back toward the crucial 57,100–57,300 supply zone, which has acted as a hurdle in recent trading sessions. A decisive move above this zone could trigger fresh momentum and strengthen the ongoing recovery. The price structure remains constructive, with the index consistently forming higher lows and witnessing buying interest on every intraday decline. This reflects strong participation from banking heavyweights and indicates that buyers continue to maintain control of the trend. The ability to sustain above both the 200-DEMA and the recent breakout level reinforces the positive undertone.
Momentum indicators further support the bullish setup. The RSI has surged to 67.24, its highest level in several weeks, while sustaining above both its signal line and the 60 mark, reflecting strong bullish momentum and improving participation.
From a derivatives perspective, the options data remains supportive. Significant Put Open Interest is concentrated at 56,000 and 56,500 strikes, establishing a strong support base beneath current levels. On the upside, major Call Open Interest is visible at 57,000 and 57,500 strikes, making this zone the immediate hurdle for the index. The PCR stands at 1.03, indicating improving sentiment and stronger put-based positioning, which continues to favour the bulls. For the upcoming session, 56,500-56,800 remains the immediate support, while 57,300–57,500 is the key resistance zone.
As long as the index sustains above the 200-DEMA and the 57,000 mark, the broader structure remains positive. A decisive breakout above 57,500 could pave the way for a move towards 58,000–58,500, while any dip towards support levels is likely to attract fresh buying interest.
Technical Analysis Report
Nifty nears 24,000 mark
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 23,853.90, up 0.98%. The index opened with a gap up, though a significant portion of the early gains was pared during the session.
Nifty closed higher for the second consecutive session and has moved above the 20 and 50-day MA Ribbon, indicating that short-term moving averages are beginning to provide support.
A gap zone remains visible on the chart in the 23,645–23,818 range and is likely to act as an important reference area in the near term.
The RSI on the daily chart has risen to 56, its highest level in several weeks, reflecting a meaningful improvement in momentum. The MACD has witnessed a positive crossover, with the histogram turning green and expanding, further supporting the improving trend.
India VIX declined 2.48% to close at 14.35, extending its downward trajectory from recent highs and approaching multi-week low levels.
The 24,100–24,200 zone is expected to act as the immediate resistance band. On the downside, 23,700–23,600 has now turned into a key support area. As long as the index holds above 23,800, the near-term outlook remains neutral to bullish.
Nifty Bank ended the session at 57,198.80, up 0.68%, forming a bullish continuation pattern on the daily chart. The index opened with a gap up but on the hourly chart, witnessed consolidation throughout the session while holding on to a significant portion of its gains.
The index is now trading above the 200-day SMA and has breached its previous swing high of 57,440, indicating improving price strength.
The Supertrend indicator has turned bullish and is expected to provide trailing support in the coming sessions.
The RSI is placed at 67, reflecting strong momentum. The MACD has crossed above the zero line, with the histogram expanding positively, further supporting the ongoing upmove.
The 57,800–58,000 zone will act as the immediate resistance band. A decisive close above this range could pave the way for a move towards 58,400–58,800. On the downside, 56,700, followed by 56,500, remains the key support area.
