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Nifty

Nifty futures has rolled at around 73% vs 79% which is lower with respect to the previous series. Index witnessed selling pressure throughout the Month and ended losing more than 6 percent. It was the AUTO, FMCG, REALTY and OIL & GAS space that was the looser FINANCIAL SERVICES curtailed the losses. The Open Interest for the new contract is lower by around 55 lakhs w.r.t the last month contract implying more long unwinding.

For November series, the average price of around 24,450 becomes a pivot for the month. Till the time Nifty trades below 24450-24550 on spot, the index is in a SELL ON RISE mode for the first weekly expiry. We expect the Nifty to find strong resistance around 24450-24550 levels for November series. On spot basis 23,350-24,500 might be the range for Nifty for first fortnight of November series.

Bank Nifty

Bank nifty futures have seen the rollovers of 69%. Bank nifty futures have seen reduction of open interest of around 4.5 lakh w.r.t. the last month. This might be because of the participants not being interested in carrying positions in Bank nifty to the new series maybe in anticipation of something.

Bank nifty had underperformed against the benchmark for the last 2 series. Going forward, we believe this might continue. The major support for Bank nifty would be around 50,300 levels. We expect Bank nifty to be in 50,000-52,500 levels for the first fortnight of November series.

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