The Nifty June rollover stood at a healthy 70%, its highest in three months, as the open interest in the index rebounded to 2 crore shares compared to 1.5 crore shares at the end of the May series. Traders pointed out that while the trading interest came back into the Nifty futures, the open interest in the bank Nifty also stood at a strong 2.9 crore shares.
Heavyweight stocks like DLF, Hero Motocorp, L&T and SBI observed negative rollovers of 70-85%.
According to traders, rollover in the metal space begun since Monday and stocks like JSW Steel and Tata Steel witnessed short positions being rolled over in the August series. On the other hand, for some individual heavyweight stocks like BHEL, HUL,and Wipro, the rollover activity picked up after these companies announced their results during the week, resulting into positive rollovers of 90-80% for these stocks.
Traders are now rooting for 5,000 to be an import support for the Nifty, given that Nifty 5,000 puts for the August series observed robust open interest of 72 lakh shares.
?While the Nifty has corrected substantially in the last two trading sessions, the lower implied volatility, coupled with healthy longrollovers, indicate that the Nifty may show a significant pull back from the current levels,? said Siddarth Bhamre, head of equity derivatives at Angel broking.
Even many of the 51 stocks that are going to be excluded from the derivatives segment post-September series observed healthy roll-overs. These included scrips like Bombay Dyeing, Jindal Saw, JSW Ispat, Max India, Ruchi Soya, S Kumar Nationwide, Tata Coffee and Vidocon Industries, which observed more than 80% of the stock futures position getting rollover.
