India VIX at NSE closed at 19.40 down from just a shade less than 30 over May 22 closing.
Technical chartists suggest consolidation will continue for a couple of more days, but the market is still a buy on dips as long as Nifty50 holds the 9,120 level.
The Nifty saw a breakout on Friday but profit booking gripped markets which pulled the index towards its crucial support level of 9,160. According to Pivot charts, the key support level for Nifty is placed at 9132, followed by 9104, and 9,061.
In an interview to CNBC-TV18 Hemant Thukral. Aditya Birla Money shared his reading and outlook on the Futures and Options market. He believes the downside to the market is limited because bullish sentiment still prevails.
In the previous fortnight, the markets were driven by key global and domestic events. Globally, Greece went to polls while in India, the Reserve Bank of India (RBI) announced the mid-quarter monetary policy review.