Rollover Analysis by ICICI Securities: Nifty rolls were at 64 percent, lower than the 3M average of 66.33 percent
Market wide rollover was at 84.09 percent, in line with the 3M average of 84.98 percent
Sectorally, realty, textile and metal stocks witnessed high rollover of positions while stocks from the oil & gas, FMCG and cement space witnessed relatively low rolls into the July series
Highest rollover was observed in JSW Steel (97 percent), Dabur (95 percent), Britannia (94 percent), M&M Finance (94 percent) and LIC Housing Finance (93 percent) while rollover activity was relatively low in OFSS, Indian Bank, Torrent Power, KPIT and ACC
Among index stocks, Sun Pharma, Tech Mahindra, Bajaj Auto and Tata Motors witnessed high rolls into the July series while Adani Ports, Titan, HCL Tech and Tech Mahindra witnessed relatively low rolls into the next series
Among heavyweights, auto and metal stocks saw fresh short additions while relatively low short positions were seen in cement and oil & gas space
The open interest in Nifty futures at 18.8 million shares is in line with the open interest seen in the last couple of months at inception. The roll spread in the Nifty remained subdued throughout the settlement week and finally declined further to 17 points in the last session. Activity suggests continued short rollover in the Nifty in the July series as well. The Nifty has major support around 10550 while 10600 Put strike has the highest Put option base.
At the same time, Bank Nifty open interest has declined substantially to 1.93 million shares from 2.84 million shares in the last series at inception. The roll spread in the banking index has remained under continued pressure indicating consolidation in coming sessions. Roll spread in the banking index has declined to almost 90 points during the settlement suggesting continued short bias.
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Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-up-100-pts-nifty-opens-july-series-above-10600-hpcl-ioc-bpcl-rally-2650081.html
