Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking Ltd)
"India VIX, which is a volatility index based on the NIFTY Index Option prices, shot up by more than 9 percent in today's trading session. Considering the Lok Sabha elections in the near term, traders seem to be anticipating a rise in volatility which led the volatility index close above 20 for the first time in this calendar year. Nifty index witnessed some profit booking and ended the day with a loss of more than half a percent. However, looking at the historical data, we are still optimistic on our market and advise traders not to panic till VIX is trading below its resistance around 22".