It would be erroneous to conclude anything with only the changes in IV.
We should also analyse the positions that are being closed. So, if the LONG positions are getting closed and the IV rises, the market will fall. Inversely, if the SHORT positions are getting closed and the IV rises, the market will rise.
But, for both the rise and the fall of the market, they should be supported by volumes. If the moves are not supported by volumes, they might indicate STOP LOSS hunting. Be aware of it.
But, even if the moves are supported by volumes, we should also consider the amount of movement in Nifty as compared to the actual volume against average volume. If the actual volume is quite high as compared to the average volume (lets say, actual volume was around 3 times as compared to the average volume) but Nifty moved only 10-15 points (but if the actual volume was that high, Nifty should have moved around 25-30 points), it indicates that some big players exited and Nifty might move in opposite direction. Keep an eye on that as well.