• Nifty (Jun) futures premium increased marginally from 13.15 points to 15.00 points with 2.03 crore shares in open interest.
• Total open interest in the market was Rs 238,090 crore and Rs 63,761 crore were added in open interest.
• Market wide rollover was at 83.82% v/s 82.58%, whereas rollover in Nifty futures was at 72.97% v/s 74.09% in the last expiry.
• RBLBANK (94%), CENTURYTEX (94%), JSWENERGY (94%), JINDALSTEL (93%) and TATAGLOBAL (93%) witnessed good rollover in the next series.
• ABIRLANUVO (59%), PETRONET (62%), TORNTPHARM (64%), NIITTECH (66%) and MOTHERSUMI (67%) witnessed low rollover in the next series.
• On the options front in the July series 9400 PE stands with the highest number of shares in the open interest (OI) followed by 9500 strike price. Whereas on call side 9700 CE stands with the highest number of shares in the open interest (OI) followed by 9800 strike price.
Derivative Idea
Jindal Steel added around 68.93% of open interest as Long positions and witness 93% rollover to july series.
On Daily charts, Jindal steel formed a squat bar which indicates increase in volumes too and it also trading above 21 and 55 DEMA.
Current chart pattern and derivatives data suggest that we expect further rally in coming sessions.
Trading Recommendations
Buy Jindal Steel (July) Future above 124.50 Stop Loss 118 Target 130--133++ (Lot Size 4500)
More will update soon!!
