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Nifty

Nifty futures has rolled around 81% vs 76% compared to the last month. The Open Interest for the new contract is higher by around 1 lakh w.r.t to the last month contract. Higher Long rolls into December series lead to this. FIIs Long short ratio is now at 77% : 23% vs 59% : 41% last series. Nifty futures in the December contract has seen majorly long rollovers and we believe fresh build up might follow on for rest of December as well. We believe 18100 might be the pivot for this month only below which the trend turns negative. The upside potential is around 18700-18800 in this series.

FIIs have bought around 11k Cr in cash market for the November month.

We expect Nifty to be in 18100-18700 range for the first fortnight of December series. With higher Long positioning in the Index futures we believe the positional view on Nifty would remain in ‘Buy on Dips’ till 18100 is not breached on the downside. The short term support for the Nifty might be near 18300 levels.

Banknifty

Banknifty futures rolled at around 88% vs 77% compared to the last month.

Banknifty futures have seen huge additional long buildup of around 12lkh in December series. In November price wise it was at par to Nifty, however we expect Outperformance in December series. For this series, ratio wise (Banknifty/Nifty) 2.42 is resistance and 2.24 is support. The ratio between Banknifty and Nifty currently at around 2.34.

However the major support for Banknifty would be around 41800 levels. We expect Banknifty to be in 41800-44000 levels for the first fortnight of December series.

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