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Market Commentary
Nifty Holds within Rising Regression Channel, VIX Drops Below 15 for the First Time since March
Posted On : 2026-05-28 16:26:03( TIMEZONE : IST )
Technical Analysis Report - Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session almost flat at 23,907.15, down just 0.03%, continuing to consolidate around the 24,000 zone. The daily chart shows the index trading within an upward-sloping regression channel, with the current positioning near the middle of the channel, indicating steady strength. The index is holding above the 20-day SMA and 50-day SMA, keeping the short-term setup intact. The RSI is placed near 51, sustaining above the neutral zone. The MACD line remains positive, reflecting continued improvement in medium-term momentum.
On the hourly chart, the index is holding firm near the 23,900-23,920 zone, with higher highs and higher lows. India VIX declined sharply by 7.13% to settle at 14.98, dropping below the 15 mark for the first time since the March correction began. On the downside, the 23,800-23,740 zone remains the immediate support area. On the upside, the 24,000-24,100 zone remains the immediate resistance area. The near-term outlook remains positive, with a buy-on-dip approach likely to remain intact as long as 23,670 is defended.
Nifty Bank ended the session at 54,853.85, declining 0.43%, after testing an intraday high of 55,221.70 and witnessing profit booking at higher levels. The index formed a candle with wicks on both sides, indicating indecision. The index continues to hold above the middle Bollinger Band, keeping the short-term recovery setup intact. The RSI is placed near 51, sustaining above the neutral zone. The MACD line remains in positive territory.
On the hourly chart, the index is consolidating in the 54,600-55,500 range. However, an unfilled gap zone is visible near 54,300, which may act as a potential target if the falling trendline is breached. On the upside, a sustained close above 55,200 would be required to open the path towards the 55,400-55,600 zone.
