Derivatives market is entering the new May series on a lighter note.
The Nifty 50 May Futures settled at 24,375 and was up 0.29% with an open interest position of 1.53 lakh contracts, indicating a 71% rollover from the April series.
The benchmark NSE Nifty 50 has moved 2.78% in the April contract since last expiry. Open Interest position has gone down 17.93% during the same period in Futures but rose across Futures and Options by 22.48%.
Nifty May series is beginning with an open interest of Rs 28,020 crore. Overall (May and June) open interest for the Nifty at the beginning of the new series is lower by Rs 7,565 crore.
The Nifty May monthly Options saw maximum activity at 24,000 Put and 24,500 Call. Nifty May 8 expiry options saw maximum activity at 23,500 Put and 25,000 Call.
The Nifty Option open interest distribution suggests a trading range between 23,500 and 25,000 in the short term. The Nifty Open Interest Put Call Ratio is at 0.78.
The Nifty Bank May Index Futures settled at 55,300 and was down 0.82% with an Open Interest of Rs 14,599.03 crore at the beginning of the series.
The Nifty Bank Futures has risen 7.03% since last expiry. Open Interest down 16.45% in Futures but up across F&O at 35.49% since last expiry.
FII Activity
Foreign institutional investors net added a long position worth Rs 8.36 crore in Nifty Futures, taking the total open interest of the FIIs in Nifty Futures to Rs 12,610 crore compared to the previous day's open interest of Rs 20,542.6 crore, suggesting the FPIs didn't rollover their long positions into May series.
The FIIs net added a long position worth Rs 1,151 crore in Nifty Bank Futures, taking total open interest of the FIIs in Nifty Bank Futures to Rs 5,994 crore compared to the previous day's open interest of Rs 11,018, suggesting the FPIs unwinding of their long positions and preferred to go into the May series with lighter open interest position.
The FII Index long position has increased to 0.41 from 0.32 earlier. The long-short ratio has climbed to 0.69 and the FII open interest put-call ratio stood at 1.18 compared to 1.07 on the previous day, led by put writing at 23,500 and 24,000 levels.
The FIIs net buy was worth Rs 8,250 crore in the cash market, as per exchange provisional data.
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