Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange. Pic/AFP

After major technical downward correction, markets started moving up due to the oversold situation. Nifty on Friday closed at 10,491, with the help of banking stocks. Nifty has immediate resistance at 10,638 and 10,708. Major buying can only emerge above these two levels, but chances are remote. Support for Nifty is at 10,449. If Nifty moves down with volume then it can fall 10,118. India VIX started falling and it closed at 14.20 on Friday. US S&P 500 VIX on Friday declined by around 11.9 per cent and closed at 16.49. Declining VIX is a positive indication and it directly gives positive outlook for the markets.