Profit booking to continue

F&O OUTLOOK

Futures

Total OI
(in '000)Rollover
 (%) 

Futures

Total OI
(in '000)Rollover 
(%) Infosys511571.56BHEL336157.15 L&T307670.92ITC2626656.78 HUL1713664.13RCom2423656.38 RIL1113559.75ICICI Bk1945055.72 SBI1152759.45Nifty5192954.34  The market-wide open interest (OI) on the NSE crossed Rs 100,000 crore with futures OI of 73,113 crore and options OI of 27,585 crore. However of the total, the rolled-over OI was at Rs 40,805 crore. Nifty rollover was 54 per cent, while the stocks futures rollover was at 57 per cent.  The put/call ratio of Nifty OI declined marginally to 1.74 from 1.78 as Nifty put added OI of 12.31 lakh shares and Nifty call added OI of 10.63 lakh shares.  The five-day relative strength index (RSI) stood at 69, while the 14-day RSI was at 73. The Nifty July futures traded at premium of 9 points, while Nifty August series was available at a discount of seven points.  Nifty has been making higher tops and bottoms over the past few days, depicting a strong uptrend; however the rise has been too sharp over the past one week.  This was the cause for Wednesday's profit booking. Major support has been seen at 4,556 and at 4523, while major resistance is seen at 4620 and 4653 levels. The strict stop-loss should follow at 4,500 levels. Stock-specific actions and the rotation in index heavyweight is likely to keep the market firm.  For example, index laggard ITC was the major gainer on Wednesday. ITC firmed up by 9 per cent to close at Rs 165.85. The rollover in ITC was healthy at 57 per cent.