Derivatives data highlighted caution, steady Put writing at lower levels around 23300 has now moved higher to 23400 leading to a volatility spike, as India VIX surged 15% to 12.28, indicating heightened nervousness. Options positioning suggested strong resistance around 23,500–23,600 and support near 23,000 for Nifty, while Bank Nifty was capped between 55,000–58,000.
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