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Market Commentary
Nifty Slides toward Previous Swing Low; VIX Hammer Signals Caution
Posted On : 2026-06-01 19:37:01( TIMEZONE : IST )
Technical Analysis Report - Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty settled at 23,382.60, down 0.70%, with the index now approaching the previous swing low at 23,262.55, which remains the most critical support level on the daily chart. Nifty is drifting toward the lower Bollinger Band, highlighting increasing downside pressure, as the recent up-move has been completely negated over the past few sessions.
The MACD has turned negative and remains below the zero line. The RSI has dropped to 40, moving closer to the oversold zone.
On the hourly chart, the index has broken below the 23,600-23,700 consolidation zone and is forming an inverted saucer pattern.
India VIX rose 2.21% to settle at 16.54, forming a hammer candle on its daily chart after dipping to 13.91 during the session. The hammer formation on VIX suggests volatility may rise further, potentially leading to wider swings in the coming sessions.
On the downside, 23,260 remains the immediate support level. A decisive breach of this level could accelerate the decline toward the 23,150-23,080 zone. On the upside, the 23,550-23,650 zone is likely to act as immediate resistance. The near-term outlook remains cautious.
Nifty Bank declined 1.10% to close at 53,643.10. The index formed a bearish candle on the daily chart and continues to trade below all key short-term moving averages.
On the hourly chart, a clear sequence of lower highs is emerging, while the pace of the decline has remained steady, indicating sustained selling pressure.
The RSI has declined to 43, slipping below the neutral zone. The MACD, although still marginally positive, has started to flatten rapidly and may slip into negative territory in the coming sessions.
On the downside, the 53,300-53,200 zone remains the immediate support, followed by the critical swing low at 52,800. On the upside, the 54,000-54,300 zone, which is aligned with the 20-day SMA, remains the immediate resistance. The near-term outlook remains cautious unless the index reclaims this resistance zone.
