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The stock has seen a rollover of 90% to the next series as compared to just 64% during the August rollover. Despite of short rollover been aggressive in the counter during last expiry, the stock managed to hold on to its critical support areas. We expect the stock to witness positive momentum in the near term to the levels of Rs160.
The counter continued to witness higher rollover in the current expiry, mostly on the long side. It saw a rollover of 92% as compared to 84% in July series. In addition, the stock has added fresh long in the Sept series. We believe the momentum can continue in the counter on account of strong built up in September series. We advise traders to hold on to their position for the price target of Rs90-94
Nifty witnessed a rollover of 76% to the September series with 7mn shares left to expire worthless. However, the rollover was much higher when compared to the last two rollovers of August (69%) and July (55%). Nifty during the current expiry made a low of 4,353 on expectation of profit booking and bad monsoon. However, it failed to go further down and rallied strongly from thereon to close the expiry on a bullish note. In the current expiry, we believe Nifty rolls were higher on the long side as the cost of carry saw a surge in the premium of Rs8-10 for the September series on the expiry day. Market-wide open interest of Future now stands at approximately Rs448bn.
Total Market rollover (Stock future and Nifty future) to the September series stood at 84%, higher when compared sequentially. The current series has seen 215mn shares expire worthless as compared 242mn in the July series
Buy ICICI BANK
Buy RIL
Buy SBI
Buy Suzlon
Buy TV18
Buy Infosys
Ranbaxy Labs surged by over 7% to Rs343 after the company announced that it received approval from the U.S. Food and Drug Administration to manufacture and market Glycopyrrolate Tablets USP, 1 mg and 2 mg.
Buy SAIL
Buy RIL
Buy BHEL
Today,we are looking for a cautious to slightly lower start, as Asian markets have not been able to extend gains. Japanese stocks are down as a stronger yen has hit export-centric companies. Other regional markets too are flashing the red sign. A lot of economic reports are coming out from the US later this week. One has to see if the fresh set of data points confirm the prognosis that the world is ready to get back on the growth path.
Bulls thundered their way to second successive day of strong gains, thanks largely to strong global cues, especially from Wall Street. Both, FIIs and local institutions threw their weight behind Monday's rally. The gains too were pretty broad-based. Although the undertone remains positive due to upbeat global data points, particularly from the US, the advance may run out of steam on concerns about pricey valuations, flaring inflation and an impending spike in interest rates. Meanwhile, the yield on the benchmark 10-year government bond shot up on Monday on worries about the Centre's massive borrowing programme.
As far as India is concerned, the factors to watch out for are: the shortfall in monsoon rains and its negative fallout on the agri-led consumption story. A further spike in inflation is also imminent and so is hardening of interest rates. How India Inc. copes with these challenges will determine the future course of Dalal Street. For now, one has to deal with growing volatility in the short term.
Buy SBI
Buy Ranbaxy
Buy Tata Comm
Buy Everonn
Buy Bharti Air
FIIs were net buyers of Rs 7.12bn in the cash segment on Monday while the local funds too pumped in Rs 2.75bn as per the provisional figures published by the NSE. In the F&O segment, they were net buyers of Rs15.7bn. The foreign funds were net buyers of Rs 5.46bn in the cash segment on Friday. They have poured in US$7.4bn in Indian stocks so far this year.
Buy GVK Power
Buy HCL Tech
Buy Opto circuit
Buy Rel Capital
Buy RIL
NIFTY 4397 - 4510
NIFTY FO CLOSED @ 4536 AS ON 21.08.2009
NIFTY FO has resistance at 4597to 4609 Level ;
Above which other resistance levels are at 4646 to 4709 Level
with highly Volatile Trend,
In Downside support levels are at 4509 to 4444 Level;
below 4444 level, other support levels are at 4407 to 4330 Levels.