The Nifty remained in a range of 6000-6250 in the last month. Despite the Nifty witnessing profit booking on certain occasions, defensives unusually remained lacklustre and the interest rate sensitives witnessed buying whenever the index recovered. Financial heavyweight HDFC, which remained sideways recently, is coming out of the range of Rs 780-820 and may witness some buying interest in the coming sessions.
Nifty entered the December series with comparative higher rollovers (72.75% vs 63.29% 3 month avg) along with a healthy cost of 0.93% vs 0.58%, indicating a positive outlook as demonstrated by the rally seen on Friday as well as Monday. Nifty Futures added over 2.1 million positions in the past two days with bulls entering at different levels, demonstrating their confidence in the market. On the Nifty options front, an upside shift of call OI has been seen from 6300 call to 6500 Call, hinting a .. undertone in the market.
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