The markets shed early gains and ended near the day’s low due to weak rollovers and profit-booking at higher levels. The turnover on both the exchanges remained static at Friday's levels as investors were wary of relentless selling by the foreign funds.
The Nifty has a support around 4300 as the put open interest at this level is higher at 2.85 million shares compared to the call OI of 1.86 million shares. The index would face resistance at 4400 as the Call OI of 2.94 million shares at this strike price outweighs the put OI of 2.63 million shares.
With only three trading days remaining for the expiry of August series, the marketwide rollovers were Rs 12,714 crore compared to Rs 18,495 crore during the same time last month. The rollover in stock futures stood at Rs 4,498 crore compared Rs 7,302 crore at the same time last month.
The Nifty September series witnessed rollovers of 10.37 million shares compared to 13.97 million shares during the same time in the previous month. And the rollovers took place at a discount of four points, indicating some short rollovers.
Key stock futures such as Bharti Airtel, BHEL, DLF, HDFC Bank, ICICI Bank, L&T, Reliance Communication, Reliance Industries and State Bank of India witnessed low rollovers in September series.
The rollovers in Bharti Airtel were 1.04 million shares (1.72 million shares same time last month), Chambal Fertilizers 1.84 million (2.22 million shares), DLF 3.69 lakh shares (4.22 lakh shares), Reliance Industries 1.37 million shares (1.69 million shares) and State Bank of India, 1.46 million shares (1.69 million shares).
