Share Market Update: Rollover guide for the January expiry


Equity tips:-



  • Nifty witnessed wild swings during the expiry, posting a smart recovery from 10350 levels for the second series in a row. Nifty Futures and Bank Nifty Futures closed marginally lower, shedding 0.7% and 0.2%, respectively, on an expiry-on-expiry (eoe) basis. Initially, at the start of the expiry, sharp delta moves showed negative payoffs for the short vega option writers, but the pendulum swings at the later end of the series, led to strong gains for the option writers.  
  • Sector-wise, Nifty PSU Bank Index posted strong gains for the second series in a row, closing ~4% higher on eoe basis. Nifty Pharma index was among the top underperformers, closing ~4.7% lower on eoe basis.
  • FIIs speculative index futures long/short ratio hovered around 1x level for a major part of the series as uncertainty weighed in. For the first time since January 2014, FIIs & DIIs ended the series posting redemptions, although the quantum remained marginal. 
  • Rollovers of Nifty/Bank Nifty in December stood at 74%/64% (2.23cr/11.5 lakh shares) as against 71%/72% (1.96cr/19.5 lakh shares) in the last series, while market-wide rollovers stood at 86% vs. 87% in the previous month.  
  • Nifty rollovers were higher in terms of total open interest (number of open positions) vis-à-vis last month, indicating a short buildup in the index.
  • Long vega positions could be the flavour of the January series as the options strike begins with a very low base of open positions, indicating continued volatility for the indices. Maximum open interest buildup in Nifty call options is seen at 11,000CE (2.3mn shares) and for Nifty put options at 10,500PE (2.9mn shares). 
  • Following is the list of stocks that have added bullish and bearish positions getting into the January series: 
  • Long Rollovers: PCJEWELLER, CANFINHOME, HINDUNILVR, STAR, ASIANPAINT
  • Short Rollovers: SOUTHBANK, RELIANCE, TCS, INFY, MARUTI
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