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Turnover picked up marginally in the F&O segment on the NSE on Tuesday, as traders went for short-covering during mid-session and then initiated fresh short positions during the closing hours. The Nifty February future, which trailed the spot Nifty by about 59 points, ended with a discount of about 29.5 points.

Open interest positions dipped by about one per cent which indicates that traders created fresh short positions.

Nifty 4800-put was the most active among the options, suggesting that 4800 is the crucial support level for Nifty. Among the call options, Nifty 5000-strike was the most active, indicating resistance at that level.

Reliance future was the most active in individual stock futures; the other active futures are Essar Oil, Reliance Petroleum, Reliance Capital, Reliance Energy, SAIL, ICICI Bank, SBI, RNRL and Tata Steel.

After shedding about 23 per cent in open interest positions on Monday, Essar Oil witnessed a further fall of 12.26 per cent. The Essar Oil future closed at Rs 236.15 against the spot close of Rs 237.15.

Futures of Reliance Capital and ICICI Bank continued their slide and witnessed a fall of 6.56 per cent and 5.09 per cent respectively.

Apart from Essar Oil, others such as SAIL, SBI, RNRL and Tata Steel also witnessed a sharp fall in open interest positions.

Almost all the active counters have finished in discount to their respective spot closes, suggesting the creation of fresh short positions.

Overseas investors turned net buyers in the F&O segment on the NSE on Tuesday to the tune of Rs 910.39 crore. They bought in all the segments – net buyers of Rs 121.84 crore on index futures, Rs 221.14 crore on index options, Rs 560.65 crore on stock futures and Rs 6.76 crore on stock options.

In the cash segment, however, they remained net sellers to the tune of Rs 512.33 crore, according to a provisional data available with the NSE.

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