The Hindu Business Line : Cautious approach seen on Nifty

Chennai, April 24 Turnover remained modest at Rs 50,958 crore in the F&O segment on Thursday – the settlement day for the April contracts. Nifty future saw a rollover of 70 per cent, which is almost equal to last month rollovers. Nifty April May future closed in slight premium at 5003.3 against the spot close of 4999.85. The cost-of-carry remained positive at 2.23, indicating a positive bias for the Nifty.

Among the options, 5000-strike of put and call was the most active. The Nifty 5000 call closed at 174.75 and the put at 174.85; they added 20.9-lakh shares and 20.3-lakh shares in open interest positions respectively. This shows that traders are adopting a cautious approach, as they are not sure of market direction.

Stock futures

Apart from Reliance Industries and RPL, contracts on Tata Steel, Reliance Capital, Essar Oil and RNRL were most active.

Stock futures saw overall rollover of about 72-75 per cent.

There was hectic activity on CNX-IT and CNX Bank futures, particularly in the last half-an-hour. While Bank May futures ended in discount at 7371.65 against the spot close of 7391.9. This indicates that lot of short positions have been created on May futures expecting a possible downtrend. FIIs remained net buyers to the tune of Rs 591.54 crore, mainly on account of their heavy buying in index options.

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