Dalal Street began the January futures & options (F&O) series on Friday, a day after the Nifty50 index ended the December series with a loss of 332.3 points or 1.9 percent. That was the biggest fall in a monthly series since March 2021.
The leaner, 30-scrip index Sensex lost 1,000.77 points or 1.7 percent during this month. The Nifty Bank shed 2,301.2 points or 6.2 percent.
The Nifty50's December-January rollovers are at 79 percent as against a three-month average of 80 percent.
The rollovers for Nifty in the December series are marginally lower the three-month average with a higher cost of carry, indicating marginal unwinding of short positions, according to IIFL Securities.
The brokerage expects the 50-scrip index to continue to move in a sideways consolidation in the new series.
|Month||Rollovers (%)||OI at start of series (crore shares)|
Foreign institutional investors' longs are at 99 percent at the beginning of the December series.
Here are some highlights of the December F&O series:
Levels to expect in January series
Yes Securities expects the Nifty50 to trade in a range of 17,600-16,700 with sector churning being key in the range setup. IT stocks are showing relative strength and banking continues to drag, the brokerage said.
Here's how the 50-scrip index has fared in the January series in the past:
|Series||Nifty change (absolute)||Change (%)|
December markets a second straight negative series following three positive series in a row. Here's how the Nifty has fared in the recent series:
|Series||Nifty change (absolute)|
(Edited by : Ajay Vaishnav)
First Published: IST