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Nifty continued its positive momentum in the first half of the June series and rallied to mark a new high of 15900. However, we did not see any significant long addition in Nifty during this move and thus the index was unable to continue the momentum.

In the second half of the series, we first witnessed some long unwinding to drag the index from 15900 to 15450 which was then followed by a consolidation within a range. In June series, we did not see any addition of positions in Nifty but some shorts were formed in the banking index which led to its underperformance.

Now the rollover in Nifty is around 85 percent versus its 3-month average of 76 percent while the same data point for Bank Nifty is around 84 percent versus its average of 76 percent. FII's formed mixed positions during the series but their 'Long Short Ratio' at the start of new series is at 82 percent. The immediate supports for Nifty are placed around 15700 and 15600 while the immediate resistance is seen around 15900-16000. The banking index could lead to a directional move in the near term and hence, traders should be vigilant on how the overall positioning happens at the start of the series.

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