Long rollovers were seen SBI, Axis Bank, Tata Steel, Tata Motors, Hindalco and Bajaj Auto - Way2Wealth

Long rollovers were seen in heavy weight stocks like sbin, axis bank, tatasteel, tatamotors, hindalco and bajajauto whereas in midcap space stock like mcdowells, raymond, ivrclinfra, pantaloon, lichsgfin and vijaya bank saw long positions getting rolled in current series. Selected short rollovers were seen in stocks like hexaware, infy, welcorp, Bata India and igl and are expected to underperform the indices in current series.

For January series we expect market to trade with positive biasness but on higher side nifty will face stiff resistance around 6000 levels and can see some profit booking from those levels. On higher side nifty has maximum accumulation around 6000 call option and that will continue to be a strong supply zone for indices in short term whereas on lower end 5800 strike put option has seen maximum buildup which will provide strong support to indices in short to medium term perspective. However, most of the sectors have seen long rollovers in current series; therefore any correction or fall in nifty to 5850-5820 should be used as a buying opportunity. Overall, for current month we expect nifty to trade in broad range of 5800-6000 levels for some time before giving a fresh breakout on higher side.

Long rollovers were seen in banking, power, metals, realty and infrastructure sector whereas sectors technology, fmcg and pharma saw short rollovers in January series and short positions can be initiated in these sectors on any bounce back.

Source : Equity Bulls

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