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 Traders Roll Over Bullish Bets to July RAM SAHGAL MUMBAI

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PostSubject: Traders Roll Over Bullish Bets to July RAM SAHGAL MUMBAI   Sat Jun 30, 2012 2:22 am

Traders Roll Over Bullish Bets to July

RAM SAHGAL MUMBAI


Traders and investors shifted a greater percentage of bullish derivative bets to July series than they did during the previous expiry as the undertone turned more optimistic on hopes Prime Minister Manmohan Singh,who took charge of the finance ministry,will push through economic reforms and set aside some controversial tax policies.Market-wide outstanding positions or open interest (OI) at the June expiry stood at 77% against 71% last month while Nifty futures OI stood at 68% against 59% during the previous expiry,according to Edelweiss Securities.Rollovers were decent compared to the previous expiry but percentage growth was on a low base, Yogesh Radke,head of quantitative research of Edelweiss.However,in the absence of any major event,save for the Euro summit,under way currently,any positive news will be a cue to build up fresh positions. Nifty June futures settled at 5149.15,up one-fifth of a percent,while the Nifty July closed marginally lower at 5155.75.BSE Sensex closed 23 points or 0.14% up at 16990,while the Nifty index closed 0.14% up at 5149.Stocks are expected react positively on Friday following media reports that the prime minister would soon clear the air on the contentious General Anti Avoidance Rules.The market has been waiting expectantly for Delhi to deliver for the past 6-9 months and expectations raised pre-budget were belied because of a budget perceived to be non-investor friendly, said Ajay Bodke,head-strategy and advisory,Prabhudas Lilladher Group.With the original reformer back in the saddle along with his trusted lieutenants (read Montek Singh and C Rangarajan),it is hoped the triumverate would unleash politically unpalatable yet much-needed second-generation reforms. Analysts bet that so long as the Nifty trades above its 200-day moving average of 5075,it has upside potential.Radke expects the Nifty to trade in a 5075-5370 range next month,while Siddarth Bhamre,derivatives head at Angel Broking,expected a 80-100 point upside with markets likely to breach the key resistances of 5150-5200 next month.It wont be a rip-roaring rally though, said Bhamre.I expect selling pressure at 5280-5300.Hold on to your long bets and book profits close to 5300. According to Edelweiss,auto counters witnessed strong rollovers with long aggression in most of the names barring Hero Motors and Maruti.Among capital goods,LT,BHEL and Siemens saw long rolls.Banking counters saw strong rollovers with long side aggression,barring SBI and Axis Bank.Among metals,shorts had an edge in Sesa Goa and Tata [You must be registered and logged in to see this link.]
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Traders Roll Over Bullish Bets to July RAM SAHGAL MUMBAI
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