Rollover Report

India Research
November 30, 2012

Rollover in NIFTY (72.07%) is quite healthy compared to last month and recent months averages. Though
rollover in BANKNIFTY (67.96%) is less then Nifty, it is slightly above average and more importantly we have
observed good amount of rise in open interest indicating formation of long positions in last week or so and
which got rolled over too.
We at this juncture are facing two things. First, that the global macro scenario which was painted completely
black is appearing not so bleak. Due to this we have positive global equity markets. On the other hand we
have depreciating local currency. These two factors are at the opposite end of the spectrum from FIIs
perspective. So we believe that liquidity would come into our markets in patches. Also if we see FIIs cash
market action and compare it with DIIs action in same segment, it is quite evident that there is change of
hands of equity which is happening; FIIs buying and DIIs selling. This is not a sign of a market which will
give major correction.

On options front, call strike of 6000 has most activity while in puts 5600 ad 5700 strikes are attracting
interest. This indicates that for coming series, floor of the market remains the same but ceiling has increased.

NIFTY & PCR Graph

Indices Change

Price

Price
Change
(%)

Rollover

5869.35

2.13

72.07

63.63

12061.25

3.20

67.96

62.88

MINIFTY

5868.55

2.08

41.78

51.34

NFTYMCAP50

2262.95

0.69

66.33

N/A

CNXIT

6272.65

3.06

72.02

65.29

INDEX
NIFTY
BANKNIFTY

3 month
avg.

Monthly Losers

Monthly Gainers
Scrip
MCDOWELL-N
UNITECH

Price
Change
Price
(%)
2052.65
32.10

OPTOCIRCUI

28.92 88920000

39.76

332.10

22.19

IDEA

100.15

21.91

18.15

Scrip

(56.81)

66.11

BHARTIARTL

SUZLON

Open
Interest

Ol
Change
(%)

5220500

9142000

7444000
11693400
21.81
0

Open
Interest

Ol
Change
(%)

105.85

(17.56)

7480000

39.81

GMRINFRA

17.65

(16.15)

75948000

40.58

(27.17)

INDIACEM

85.40

(13.87)

10552000

21.43

15.66

BHARATFORG

263.85

(11.61)

3480000

54.94

(32.30)

CROMPGREAV

113.90

(11.57)

6858000

6.79

Note: Stocks which have more than 1000 contract in Futures OI.

SEBI Registration No: INB 010996539

Price
Change
Price
(%)

Note: Stocks which have more than 1000 contract in Futures OI.

Derivative Report | India Research

Banking and Financials

PSU banking majors SBIN (80.55%) and PNB

(82.47%) have witnessed meaningful formation of

short positions in last series and have now seen
good rollover of it. In a positive market scenario,
which we believe may be the case; you may
witness these names showing decent upside due to
short covering.
Liquid names like HDFC (69.64%), YESBANK

(68.76%), AXISBANK (63.41%), etc. have

outperformed the sector and the market but have
reduced open interest in absolute terms indicating
their rallies supported by short covering.
Interestingly, their rollover is also on the lower side
indicating most of the shorts are out.
RELCAPITAL (91.56%) has shown highest rollover

in financial space and most of these positions are

on the short side. Last few session stock has been
on the bounce, we believe this may continue as
shorts may run for cover.

Consumer goods and FMCG

MCDOWELL-N (79.95%) has rallied around 66%
last series and there has been fall of open interest
of around 57%. We believe shorts have now been
squeezed out of it. We suggest profit booking in
this counter to those who are long. Caution that
such volatile stocks should be avoided for shorting.
Though it was not repeat of October series for
TATAGLOBAL (88.82%) but it did give positive
returns. We have seen significant formation of long
positions in the counter. Stock appears bit long
heavy. Fresh long positions can be avoided as of
now.
Both ITC (75.47%) and HINDUNILVR (77.19%)
have reduced open interest in last series. With
markets appearing to head higher, these defensive
may take back seat for time being. Book profits
and move out of long positions in them would be
our recommendation.

Capital Goods and Infra

JPASSOCIAT (80.06%) has seen good rollovers and

in last part of November series we had witnessed

more of long positions in it. Level of `96 is strong
resistance for the counter. It appears that this
counter is heading for a breakout past the
resistance. Keep eye on it.
BHEL (82.30%) has strong support around `215-

220 zone. Counter has good amount of short

positions in it and can witness cash base buying
near this support zone which may trigger short
covering.
Other

midcap candidates where lot of short

positions are standing and can be short covering
candidates are HAVELLS (80.03%), RELINFRA
(89.77%) and IVRCLINFRA (87.88%).

For Private Circulation Only

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Auto & Auto Ancillaries

Recent correction in M&M (75.49%) was mainly

due to long unwinding. We dont expect formation

of fresh short positions in counter due to
acquisition news. Around `890 levels stock has
strong support. If at all it approaches support then
it could be good buy.
EXIDEIND (63.33%) has shown least rollover in this

sector and also it has reduced more than half of its

open interest. We had seen huge formation of
short positions in October series in it. We believe
these positions are not rolled over indicating
negative overhang on the counter has gone.
Most of the rally in ASHOKLEY in last series was

due to short covering. Counter is very close to its

resistance zone of `28-30. We are not optimistic
on this CV maker and would suggest to move out
of long positions.

Metal & Mining

TATASTEEL (88.43%) has added significant open

interest in last series and our observation is that

most of it is on the shorter side. We are expecting
strong short covering rally in this counter. Strong
buy at current price and expect further rally above
`390.
STER (90.82%) has seen highest rollover in this

space. In last few sessions, rally in the counter was

mainly due to short covering. Though current
momentum in counter may continue for some time
but we dont expect counter to breach its resistance
levels of `115.
For SAIL (89.34%) `75-77 is very strong support

zone. From positional perspective this counter is a

buy as it has lot of short positions standing it which
have been rolling over since quite few series.

Information Technology
WIPRO (61.44%) has shown least rollover in this

sector. The price action in last series was very

strong but we dont expect same to happen in this
series as cushion of short covering is gone. Looks
difficult for stock to cross its resistance zone of
`405-410.
TCS (63.65%) too has depicted low rollover with

reduction in open interest but this is the case of

longs not rolling over. Between `1320-1350 it has
multiple resistance and hence avoiding fresh longs
in it is advisable.
Though midcap counters like HEXAWARE (91.80%)

and OFSS (87.97%) have shown decent rollovers,

they have reduced open interest. HCLTECH
(71.72%) and INFY (75.57%) are only two counters
showing formation of long positions.

For Private Circulation Only

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Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI Futures

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

AUTO & AUTO ANCILLARIES

APOLLOTYRE

84.30

(2.88)

18764000

10.07

11.70

0.24

85.81

81.84

ASHOKLEY

28.15

20.04

10762000

(5.13)

9.33

0.09

74.11

78.02

1957.00

10.30

965250

(4.96)

4.41

2.14

81.00

73.42

BHARATFORG

263.85

(11.61)

3480000

54.94

12.47

0.18

92.36

90.58

EXIDEIND

144.30

2.81

1972000

(53.71)

8.64

0.07

63.33

82.00

1826.95

0.48

1704250

(39.39)

7.86

0.41

68.77

81.17

BAJAJ-AUTO

HEROMOTOCO
M&M

941.70

8.87

3254500

(24.28)

10.89

0.60

75.49

75.99

1497.15

8.65

2544500

(0.23)

7.05

0.59

82.03

84.22

10596.40

3.50

121000

9.50

9.84

0.00

94.44

89.20

TATAMOTORS

278.95

5.88

28780000

11.37

2.34

1.00

82.86

77.12

TATAMTRDVR

164.90

0.52

6050000

6.97

25.39

1.05

72.96

81.40

MARUTI
MRF

BANKING & FINANCIALS

ALBK

138.75

(1.32)

5498000

(25.46)

12.81

0.21

87.27

87.40

ANDHRABANK

109.20

(3.96)

1542000

33.39

10.23

0.16

51.57

76.48

1313.25

5.57

3836500

(17.29)

3.03

0.81

63.41

76.71

BANKBARODA

746.45

(3.68)

2046500

0.76

13.05

1.36

78.85

73.80

BANKINDIA

278.40

(7.23)

2914000

7.97

11.81

0.74

68.28

72.12

CANBK

445.35

0.44

1334500

38.51

4.55

0.41

55.28

68.53

DENABANK

109.70

(0.95)

8968000

11.82

11.99

0.29

81.32

83.10

FEDERALBNK

476.45

(3.57)

1035000

60.71

10.62

0.00

77.76

83.18

HDFC

828.60

7.41

7101000

(23.34)

10.79

0.81

69.64

60.20

HDFCBANK

704.45

9.93

9235500

3.92

8.57

1.13

69.79

66.59

ICICIBANK

1089.45

(0.54)

9483000

(7.29)

9.28

0.55

70.90

67.59

IDBI

105.65

7.75

16150000

54.78

13.09

0.29

88.46

90.68

IDFC

168.55

6.61

13354000

(10.10)

10.13

0.67

80.56

72.79

IFCI

30.45

4.10

69344000

0.55

10.79

0.29

88.65

87.88

415.80

12.85

2357000

40.80

-3.60

0.63

69.18

73.92

77.75

(3.60)

3720000

(1.38)

13.55

0.00

89.25

82.18

KOTAKBANK

656.20

4.20

2594500

(2.86)

9.91

0.60

74.68

74.29

KTKBANK

164.85

20.77

19304000

(11.09)

12.78

0.30

86.77

90.40

LICHSGFIN

260.05

5.16

11966000

(16.05)

10.36

0.57

89.10

84.50

ORIENTBANK

323.35

2.33

1329000

(2.42)

10.77

0.21

71.37

82.29

PFC

191.15

0.53

7480000

(6.80)

11.35

0.58

88.44

87.83

PNB

774.15

(4.51)

2824500

1.14

12.58

2.93

82.47

79.51

RECLTD

230.85

5.89

3889000

9.15

10.24

0.25

89.86

84.20

RELCAPITAL

416.00

(4.06)

9207500

51.02

12.66

0.31

91.56

86.38

AXISBANK

INDUSINDBK
IOB

For Private Circulation Only

SEBI Registration No: INB 010996539

Derivative Report | India Research

Scrip
SBIN

Price

Price
Change
(%)

OI Futures

2147.35

(3.20)

SRTRANSFIN

656.45

SYNDIBANK

124.10

UCOBANK

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

5718125

13.22

9.48

0.54

80.55

74.36

5.63

326500

(18.07)

10.21

0.00

82.87

58.05

1.26

1548000

22.27

12.19

0.15

76.33

76.28

74.10

(5.73)

11820000

3.29

10.64

0.61

89.14

89.64

UNIONBANK

235.35

12.37

3299000

34.76

8.08

0.15

77.37

80.73

VIJAYABANK

56.40

(0.97)

6080000

(9.95)

14.02

0.22

82.65

83.85

445.35

6.85

6623000

(22.38)

5.88

0.57

68.76

85.01

12.02
1.56
6.16
11.55
-3.68
14.93
12.08
11.65
12.87
7.57
9.99
8.66
11.77
12.66
11.55
12.02

1.00
0.20
0.42
0.75
0.48
0.37
0.33
0.22
0.13
0.46
0.60
0.10
0.47
0.38
0.46
1.00

75.93
83.72
82.30
72.90
77.67
92.55
80.03
76.25
87.88
80.06
78.03
93.57
89.77
82.40
90.50
75.93

83.28
83.87
82.60
87.53
77.70
84.99
75.40
83.32
87.32
76.73
69.61
91.20
81.90
70.68
79.86
83.28

11.25
6.90
14.58
12.33
2.79

0.44
0.69
0.33
0.07
0.48

80.90
76.32
89.94
86.36
79.04

74.30
71.66
81.63
89.73
76.28

YESBANK

CAPITAL GOODS & INFRASTRUCTURE

ABB
ADANIPORTS
BHEL
CROMPGREAV
GMRINFRA
GVKPIL
HAVELLS
IRB
IVRCLINFRA
JPASSOCIAT
LT
PUNJLLOYD
RELINFRA
SIEMENS
VOLTAS
ABB

711.30
125.60
223.20
113.90
17.65
13.25
582.50
135.45
40.90
95.25
1675.65
53.05
480.60
676.05
108.15
711.30

(6.28)
(4.09)
(7.12)
(11.57)
(16.15)
0.38
(6.90)
13.30
(6.51)
1.33
(2.96)
4.22
(4.77)
(2.93)
(6.81)
(6.28)

174250
6570000
22912000
6858000
75948000
58580000
625000
7546000
30116000
64388000
3085250
27636000
7526500
974000
4648000
174250

(4.52)
(4.95)
9.82
6.79
40.58
7.60
67.11
6.70
10.04
11.54
(5.94)
(0.07)
26.30
(4.18)
(1.36)
(4.52)
CEMENT

ACC
AMBUJACEM
GRASIM
INDIACEM
ULTRACEMCO

1408.15
209.05
3344.50
85.40
1918.90

For Private Circulation Only

(0.58)
0.77
(3.29)
(13.87)
(6.82)

910750
5738000
942750
10552000
905625

(20.60)
(14.87)
0.95
21.43
(1.46)

SEBI Registration No: INB 010996539

Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI Futures

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

CHEMICAL & FERTILIZERS

CHAMBLFERT

67.30

0.67

11720000

4.79

12.71

0.58

90.38

83.16

GUJFLUORO

341.40

(3.31)

2404000

3.24

10.00

0.00

95.17

91.98

TATACHEM

327.50

(0.21)

1295000

8.92

10.03

0.27

86.05

79.78

UNIPHOS

114.45

(4.19)

8594000

61.00

1.14

0.21

81.93

84.47

63.19
70.53
89.37
77.19
75.47
77.61
79.95
93.45
84.43
88.82
78.35

63.13
72.23
82.14
77.44
68.23
82.02
92.92
91.44
83.74
92.32
76.47

CONSUMER GOODS & FMCG

ASIANPAINT
COLPAL
DABUR
HINDUNILVR
ITC
JUBLFOOD
MCDOWELL-N
MCLEODRUSS
PANTALOONR
TATAGLOBAL
TITAN

4340.00
1451.25
126.90
552.15
300.60
1259.90
2052.65
361.90
207.45
164.05
308.10

10.62
17.32
(5.09)
(2.31)
2.02
(0.50)
66.11
17.39
7.99
4.92
10.75

229625
115500
5416000
6648000
21956000
593750
5220500
3765000
10206000
14768000
4637000

(17.92)
44.83
(3.84)
(18.33)
(13.51)
20.93
(56.81)
(26.38)
(21.67)
41.95
14.55

6.10
-2.64
10.35
9.51
11.37
11.38
7.51
3.25
12.05
11.62
3.39

0.96
0.00
0.42
0.57
0.77
0.26
0.90
0.00
0.64
0.39
1.13

INFORMATION TECHNOLOGY
FINANTECH
HCLTECH
HEXAWARE
INFY
MPHASIS
OFSS
TCS
TECHM
WIPRO

1126.25
644.60
109.55
2461.40
389.05
2915.85
1309.10
886.65
389.55

For Private Circulation Only

9.90
5.15
(2.84)
4.37
(2.64)
(3.49)
(0.98)
(3.46)
13.75

1092500
2627500
8168000
3728375
235000
334625
3624000
1120000
3375000

(8.15)
12.43
(13.11)
7.13
(38.56)
(8.63)
(7.98)
(5.53)
(35.26)

6.63
11.84
12.01
8.61
14.74
10.75
11.05
8.81
10.80

SEBI Registration No: INB 010996539

0.30
0.82
0.15
0.81
0.50
0.00
0.50
1.09
1.03

81.17
71.72
91.80
75.57
75.81
87.97
63.65
74.34
61.44

88.29
67.69
86.30
69.46
82.82
80.18
72.50
82.27
74.72

Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI Futures

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

MEDIA
DISHTV
SUNTV
ZEEL

79.05
409.75
204.25

6.25
18.36
6.85

21548000
4014000
7682000

(10.93)
43.20
37.08

9.97
8.81
10.29

0.25
0.29
0.33

81.88
89.52
91.47

85.69
87.63
83.32

3.00
0.80
0.56
0.15
0.61
0.42
0.18
0.57
0.40
0.48
0.46

76.54
75.25
88.81
86.50
89.46
87.52
77.13
89.34
80.08
90.82
88.43

64.65
74.50
84.93
80.13
81.75
91.25
82.70
79.49
84.83
79.60
82.39

METALS & MINING

BHUSANSTL
COALINDIA
HINDALCO
HINDZINC
JINDALSTEL
JSWSTEEL
NMDC
SAIL
SESAGOA
STER
TATASTEEL

451.85
371.55
113.85
139.10
384.60
736.60
160.55
79.85
179.60
106.10
380.00

(8.88)
3.25
(0.65)
4.31
(1.55)
(0.09)
(13.66)
(2.14)
5.55
6.15
(5.60)

205500
3815000
31702000
1756000
7266500
10137500
1572000
19752000
7161000
22924000
16597000

(12.55)
(11.71)
6.03
8.00
3.64
3.64
20.74
(9.84)
(19.49)
(12.74)
18.12

-18.49
5.81
8.64
11.34
11.80
11.88
7.76
13.19
8.40
8.66
11.07

MISCELLANIOUS
ABIRLANUVO
ADANIENT
BATAINDIA
GODREJIND
JISLJALEQS
SINTEX
INDHOTEL
RENUKA

1070.70
232.55
940.95
301.80
66.30
62.70

17.56
3.91
2.74
(3.24)
(5.89)
(9.26)

1323500
4975000
1591000
2268000
18854000
22432000

107.53
(13.93)
(8.62)
87.90
1.40
46.12

9.26
10.17
11.74
13.31
12.91
13.66

2.00
0.23
0.32
0.07
0.15
0.22

95.27
88.60
92.91
88.73
92.29
81.18

87.75
88.74
84.66
77.62
87.78
90.22

62.65
29.40

(4.57)
(9.82)

8588000
46064000

(2.76)
(5.93)

13.67
13.44

0.37
0.39

90.29
87.61

91.31
89.35

OIL & GAS

BPCL
CAIRN
GAIL
GSPL
HINDPETRO
IGL
IOC
ONGC

338.15
331.85
347.75
73.00
287.55
262.30
263.75
255.75

(4.34)
(0.26)
(4.42)
(3.12)
(5.84)
2.96
0.51
(8.40)

3098000
12571000
2383000
3836000
5813000
2400000
1311000
11902000

14.11
14.07
(9.05)
(2.84)
10.01
(16.78)
(4.72)
24.55

6.00
12.09
12.49
15.36
11.66
10.27
9.71
10.02

0.45
0.53
0.66
0.25
0.77
0.23
0.00
0.30

81.68
80.66
78.93
83.98
87.89
82.76
82.71
80.26

74.35
67.91
68.18
83.46
82.96
89.46
79.77
69.98

PETRONET
RELIANCE

160.65
803.10

(3.72)
(1.65)

2768000
12326750

9.06
(12.11)

12.29
7.84

0.29
0.55

82.87
78.35

73.18
73.83

For Private Circulation Only

SEBI Registration No: INB 010996539

Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI
Change
(%)

OI Futures

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

PHARMACEUTICAL
AUROPHARMA
BIOCON
CIPLA
DIVISLAB
DRREDDY
LUPIN
OPTOCIRCUI
PEL
RANBAXY
SUNPHARMA

185.95
291.00
408.45
1194.15
1825.35
583.35
105.85
502.25
516.75
714.25

12.90
10.42
12.27
2.82
6.72
1.17
(17.56)
2.75
(3.38)
1.85

12392000
3066000
11880000
1169000
809750
1982000
7480000
655500
4192000
3240000

71.97
34.12
13.28
62.25
(16.11)
(5.98)
39.81
(9.90)
34.19
(4.80)

12.74
13.35
12.57
14.85
12.11
11.72
8.05
10.73
9.02
7.90

0.21
0.15
0.32
0.25
0.77
0.33
0.28
0.00
0.34
0.27

90.94
91.25
90.73
81.36
79.50
81.88
90.29
86.19
82.95
75.38

91.28
89.75
82.17
80.23
73.85
69.54
84.07
93.10
78.32
78.51

12.83
9.55
14.93
12.99
5.77
7.71
11.61
12.88
11.44
-28.11
7.38

0.28
0.08
0.47
0.82
0.29
0.73
0.22
0.14
0.49
3.21
0.29

93.71
89.08
90.02
90.22
80.13
80.11
74.60
88.19
88.35
96.13
73.66

88.99
84.47
87.62
93.67
89.82
75.47
78.03
83.79
83.43
92.69
73.70

12.19
9.26
12.16
2.03

0.32
0.36
0.09
0.36

78.47
85.49
88.21
79.68

83.55
72.60
86.87
85.22

POWER
ADANIPOWER
CESC
JPPOWER
JSWENERGY
NHPC
NTPC
POWERGRID
PTC
RPOWER
SUZLON
TATAPOWER

51.30
309.25
39.75
60.80
22.70
161.55
118.95
71.55
97.70
18.15
106.65

6.43
(7.26)
(1.61)
(0.25)
3.65
(5.55)
0.98
9.49
(1.46)
21.81
0.52

12036000
2381000
8952000
21300000
103772000
9580000
9058000
3584000
17270000
116934000
8522000

(5.38)
168.13
(6.67)
(6.92)
26.55
(9.33)
(25.53)
(21.95)
11.35
(32.30)
(19.69)

REAL ESTATE
DLF
HDIL
IBREALEST
UNITECH

210.50
113.40
70.35
32.10

For Private Circulation Only

2.01
11.83
14.58
28.92

21779000
26584000
31772000
88920000

(2.05)
15.14
1.30
39.76

SEBI Registration No: INB 010996539

Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI Futures

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

TELECOM
BHARTIARTL
IDEA

332.10
100.15

22.19
21.91

9142000
7444000

(27.17)
15.66

6.91
9.84

1.22
0.40

74.31
80.84

77.93
80.22

RCOM
TATACOMM

70.20
238.10

19.59
(4.22)

68592000
2890000

27.15
13.51

12.18
13.27

0.39
0.59

89.27
94.79

83.64
94.61

TEXTILES
ARVIND

90.30

9.65

6864000

(5.61)

7.99

0.18

85.29

79.42

CENTURYTEX
RAYMOND

419.90
451.65

5.48
19.06

5601000
4304000

20.87
22.97

9.54
9.16

0.28
0.67

89.79
93.69

90.02
94.70

WELCORP

104.45

5.72

21120000

1.22

5.01

0.00

95.87

96.31

For Private Circulation Only

SEBI Registration No: INB 010996539

Derivative Report | India Research

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10