What is India VIX indicating ??

VIX (Volatility Index) generally have a negative correlation to the underlying stock/index i.e. higher the VIX, greater is the possibility of a correction and deeper will be correction.

The TTO of India VIX (monthly)  has  been hovering around zero since 2014. Though, there have been intermittent  spikes which have played out by way of minor corrections on the Nifty.

Here is what the long term trend of India VIX captured  on TTO looks like, with the long term  trends now firmly trending in bearish territory and the recent correction indicated by a spike in the trend trigger.

With long term India VIX indicating a bearish bias, will the negative correlation hold out for Nifty??

India VIX (Monthly)