Published on 26/11/2020 11:34:59 AM | Source: ICICI Direct

Rollover Analysis - Highest Put base of 12800 likely to remain immediate support By ICICI Direct

Posted in Market Outlook| #Market Outlook #ICICI Direct

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Rollover Highlights

* Nifty rolls were nearly 64% significantly higher than the 3M average of 57%

* Marketwide rolls were at 78% against the 3M average of 75%

* Highest rollover was seen in Siemens, Federal Bank, IDFC First Bank, Havells and LIC Housing Finance

* Rollover activity was relatively low in Coforge, Petronet LNG, Godrej Consumer Products, NMDC and Chola Finance

* Among index stocks, Grasim (94%), JSW Steel (92%) and Hero MotoCorp (91%) are witnessing high rolls into the next series while Nestlé (58%), SBI Life (63%) and BPCL (65%) are seeing relatively low rollover into the December series

* The open interest in the Nifty has declined marginally amid higher closures seen in the November series. During the last session, November series saw closure of 3.6 million shares while mid-month saw addition of almost 3.1 million shares.

* On account of high closure of positions, the roll spread has also increased marginally towards 30 points during the session. We believe the roll spread would remain stagnant and may decline towards settlement

* The open interest in the Bank Nifty also saw marginal closure and midmonth saw addition of just 0.3 million shares. However, the roll spread in the banking index has remained almost unchanged despite a sharp sell-off seen during the session. We believe the roll spread will stay under pressure towards settlement as short rollover is likely to be seen


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