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Nifty futures witnessed a healthy rollover of 74 per cent, which is less than previous month’s rollover of 83 per cent but almost on par with the three-month average of 76 per cent. Bank Nifty also saw a lower rollover of 75 per cent as against the previous month figure of 81 per cent and three month average of 78 per cent.
However, market-wide rolls stood at about 89 per cent, which is almost slightly lower than last month’s 91 per cent.
However, Nifty in this August series gained over 5 per cent, best series since February while Bank Nifty arrested its two-month declining trend to end 2.5 per cent higher. The Nifty September futures closed at 16,639.75, almost on par with almost spot close of 16,636.90, signalling long unwinding.
According to analysts, Nifty is likely to move in a narrow range with a downward bias, during the initial period. But with underlying trend remaining positive, one can see a bounce back to touch another new peak on the later of, they added.
Among the strong rollover counters included L&T Technology Services, Britannia, Alkem Laboratories, Ambuja Cement and Dr Lal Path Labs, Sun TV, Interglobe Aviation and Dabur.
NSE volatility index India VIX rose marginally to 13.54 as against previous month's 12.95.
“Cool down in Volatility from recent highs has again given some strength to the market and now VIX needs to go below 12 zones to get more buying interest in broader market.” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
“While mid-caps have started participating in the market upmove in the last couple of days we believe that large caps offer better margin of safety in the current environment and could continue to remain in focus in the near term as well,” he added.
10 stocks to enter
Trading will take place in 10 new counters from August 27. They are Can Fin Homes, Dixon Technologies, Hindustan Aeronautics, IEX, Indiamart Intermesh, Ipca Laboratories, MCX, Oracle Financial Software Services, Polycab India and Syngene Worldwide.
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