F&O cues: Positive rollover may help Nifty cross 11,600 comfortably

With the Nifty50 index witnessing selling pressure around 11,550 levels, the next month scenario seems more exciting with turbulence hitting lower grounds. Several stocks are witnessing positive rollovers as positions switch to April expiry.

The highest premium is being witnessed in Torrent Power and Adani Enterprises with their prices getting one per cent costlier. On the negative side, Jet Airways (India), V-Guard Industries and TVS Motor Company have seen a discounted premium for April series.

Stocks like YES Bank, HDFC and TCS are witnessing higher open interest (OI) for April series. Major private banks such as Axis Bank and ICICI Bank are depicting higher interest of traders.

The Put-call ratio for Nifty50 stands around 1.60 fostering stable sentiment for April series. If in case, the index manages to absorb selling arising in the range of 11,550 – 11,600, then it may further head towards 11,750 and 11,850 levels. As of now, 11,600 CE and 11,400 PE is gathering open interest for the April weekly expiry.

As index starts trading in weekly series, the monthly expiry will see activity only after mid-month (fortnight). The current trend reversed from 11,300 levels, which eventually stay as support for coming sessions.  

The current series is eyeing lower enthusiasm for auto stocks. Scrips like Maruti Suzuki India, Ashok Leyland, and Tata Motors are losing on “sustained addition” in OI for upcoming series.

PRICE FALLING AND OI RISING
Description	Current	%Chg	OpenInt	OI Chg
MFSL 25 Apr 2019	440	-2.59	1158	20
DRREDDY 25 Apr 2019	2741.5	-1.61	11049	49.9
BAJAJ-AUTO 25 Apr 2019	2918.8	-1.57	12405	21.14
EXIDEIND 25 Apr 2019	224.55	-1.36	2572	32.17
ESCORTS 25 Apr 2019	812.05	-1.31	1415	45.73

PRICE RISING AND OI RISING
Description	Current	%Chg	OpenInt	OI Chg
YESBANK 25 Apr 2019	274.4	1.52	66650	7.77
HDFC 25 Apr 2019	1957.05	1.19	53188	7.49
TCS 25 Apr 2019	2004.1	1.01	48085	19.81
SUNPHARMA 25 Apr 2019	481.7	2.82	43912	13.25
INFY 25 Apr 2019	745	1.3	37655	8.96