Dear shubham,
Your questioning is different, you have to do in your case some other statistical analysis also like premium decay and change in oi with iv movements and find smart money in that particular stock
But your question prove my points that if variable is in a direction and nifty/stock is in a different direction obviously correlation is perfect negative but aisa hota nahi h na ki wo variable lagatar ek hi direction m jaye aur nifty lagatar opposite direction m.
Sir your reply is very important in this