Nifty rollovers for the April to May series on Thursday were largely in line with the 3-month average.

Rollovers in Nifty contracts were about 69%, two percentage points lower than the previous month. With the exception of pharma, rollovers in most sectors were healthy.

Experts feel that Nifty is unlikely to correct much from the current level and they see 5700-5750 as a good support level.

?Quite a few investors were indecisive and felt it was better to take fresh calls in the May series rather than roll over their positions,? said Siddarth Bhamre, head of equity derivatives at Angel Broking.

The Nifty rollover cost slipped considerably towards the end of the trading session on Thursday to 21 basis points, shedding about 13 bps during the day.

?This indicates that were quite a few short rolls and there was a slight negative bias,? said Savio Shetty, institutional derivatives analyst at Prabhudas Lilladher.

Despite some correction in the market, though, implied volatility or IVs have not shot up by much. ?While the prevailing sentiment is pessimistic, investors have not taken up corresponding bearish positions and are adopting a wait-and-watch approach,? said Bhamre.

According to Bhamre, foreign institutional investors (FIIs) were selling in cash but not shorting in index futures. ?This suggests that they are not expecting a significant downside in the market,? he said.

Sectors such as banking, power and media saw healthy rollovers. ?Investors were mostly taking directional views in the light of the fourth quarter results of banks,? said Shetty.

Rollovers were the lowest in pharma. ?Investors expect the market to move sharply from here on and are moving away from defensive to trading scrips,? said Shetty.

FIIs executed long rollovers in infrastructure and realty, and short rollovers in pharma. There were short rolls in Tata Motors.

Nifty closed at 5785.45, down 48.45 points or 0.83% on Thursday. The broader index touched a high of 5856.40 and low of 5776.95 in trade.

However, there may be a correction if the RBI hikes the key policy rates by 50 bps. ?A hike of 50 basis points will attract fresh shorting, especially in interest rate sensitive sectors such as banking and realty,? said Bhamre.