By Manojh Vayalar
This March series started with a premium of 95 points for the current month. Nifty futures along with FII maintain 83% short positions in line with last month series. The net open interest in Nifty for the new series has increased to around 1.05 Cr vs 98 lakh in the last series. This is because of additional hedge ratio (value of Nifty futures to the market wide open interest value) of around 10.5 for this series.
Sector-wise, Banks, FMCG and selective Oil & Gas look positive.Dalmia Bharat has seen huge long additional buildup month on month. We believe, the stock might rally till 1900 in the short term with support near 1800 levels.Kotak Bank might witness some short covering and bounce till 1780 levels and support is around 1700 for the scrip.Tata Motors with a base at around 417 levels can rally till 440 in this series.
(By Manojh Vayalar, VP- Derivatives, Religare Broking. Views are author’s own. Please consult your financial advisor before investing.)