F&O WATCH: Rally ahead in Satyam, HLL

The Nifty April futures traded between parity and premium, but closed at 3581.80 - a premium of 8 points. The Nifty witnessed selling pressure within a few moments of opening on a strong note, but closed at an all-time high of 3573.50, up 38 points. 

The cost of carry (CoC) of Nifty April futures was positive 19.40% as against positive 14.22% on the previous day.

The put-call ratio (PCR) of Nifty has moved up to 1.63 as against 1.56 the previous day as call options shed OI marginally by  55,000 shares (-0.66%) whereas put options added over 5.2 lakh shares (+4.1%). 
 

OPEN INTEREST                                                         (In million)
Underlying	20-Apr	19-Apr	18-Apr	17-Apr	13-Apr	12-Apr
Nifty	48.93	49.09	47.80	47.13	46.89	47.81
RIL	22.34	20.46	22.23	22.95	22.64	23.72
Tata Steel	19.81	18.57	18.05	16.98	16.75	17.14
Satyam Computer	14.93	13.02	13.01	13.56	15.27	14.38
MTNL	49.92	48.33	47.96	40.38	37.13	38.28
Tata Motors	6.22	6.19	6.32	6.04	5.94	6.41
IPCL	24.65	23.25	22.58	21.62	20.75	20.96
Total	1247.13	1225.04	1210.09	1192.38	1193.32	1221.13

Significant volume and increase in OI of 3500 April put options indicate that Nifty can take some support at 3500 levels in case of a correction.

Long OI was built in J&K Bank (26%), IoB (17), Satyam (16%), Nalco (14%) and HLL (11%), and we may see upside moves in these stocks.