Rollover Report

India Research
December 28, 2012

NIFTY (61.58%) has shown less than average rollover this series with fall in open interest. BANKNIFTY
(70.58%) picked up its rollover process in last two trading sessions and has shown above average rolls but
there too open interest has substantially reduced making it average rollover in absolute terms.
FIIs though were buying throughout the month in cash market segment but their activity barring first week of
December series was very muted in FNO segment. However it appears that they continue to rollover their
long positions formed in previous expiries.
Though lot has been spoken about US Fiscal Cliff and uncertainties involved with it, derivatives data says
something else. We are starting new series with PCR-OI at 0.88 which is lowest for 2012 CY and this is with
low option OI with put OI seen so low last in June 2009. This has resulted in very low implied volatility for
put options.
Stronger hands buying and weaker hands selling equity and options market inactive indicates that major and
much awaited event may just come and go without damaging markets in any big way.

Indices Change

NIFTY & PCR Graph

Price

Price
Change
(%)

Rollover

5930.30

1.04

61.58

66.29

12578.15

4.29

70.58

63.15

MINIFTY

5930.85

1.06

53.23

52.48

NFTYMCAP50

2354.10

4.03

66.33

N/A

CNXIT

6020.90

(4.01)

64.61

61.02

INDEX
NIFTY
BANKNIFTY

3 month
avg.

Monthly Gainers
Scrip
ADANIPOWER

Monthly Losers
Price
Change
Price
(%)
63.30

Open
Interest

Ol
Change
(%)

Scrip

23.39 12064000

0.23

HEXAWARE

Price
Change
Price
(%)

Open
Interest

Ol
Change
(%)

85.40

(22.04)

19990000

144.74

1094.35

(8.36)

1024500

(12.36)

BANKINDIA

341.35

22.61

2967000

1.82

DIVISLAB

ALBK

169.15

21.91

5210000

(5.24)

TITAN

283.50

(7.98)

3928000

(15.29)

ADANIENT

273.60

17.65

5576000

12.08

BATAINDIA

867.70

(7.78)

1983500

24.67

JINDALSTEL

451.10

17.29

5652000

(22.22)

MCDOWELL-N

1921.70

(6.38)

6970500

33.52

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

SEBI Registration No: INB 010996539

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

Derivative Report | India Research

Banking and Financials

PNB (81.21%) has witnessed strong rollover of

long positions as it has been market and sector

outperformer in last series. We believe that short
positions formed few months back are still
standing in it and we anticipate that stock may
breach its resistance around `860 and trigger
short covering.
Though AXISBANK (71.46%) shows that rolls have

increased, it is starting new series at very low open

interest indicating that stock may not have cushion
of short covering anymore. Dont be aggressive in
it on the long side.
Many mid-cap names like FEDERALBNK (91.45%),

UCOBANK (90.99%), VIJAYABANK (88.68%), and

DENABANK (85.62%) have shown significant
formation of long positions and its rollover too.

Capital Goods and Infra

Though it appears that rollover in BHEL (71.10%)

is on the lesser side, on open interest front, counter

is starting new series with more or less same
quantum. `215-220 is good support and buying
zone for us.
IRB (88.45%) has added huge amount of short

positions and rolled it over too. Around `115,

stock has very strong support any dip taking it sub
`120 should be bought in anticipation of short
covering near support zone.
RELINFRA (85.56%) has shown good amount of

reduction in open interest indicating short covering

taking place. Counter may see some initial drop till
its strong support of `495 but its buy on dips
candidate for us. `560+ levels quite likely.

Metal & Mining

STER (73.55%) has shown less rolls both in terms of

percentage as well as open interest. This clearly

indicates that short covering cushion is gone and
any unfavorable change in global currencies may
see stock stumble. Avoid longs here.
HINDALCO (84.35%) has also witnessed reduction

in open interest but now contains blend of long and

short after it breached its resistance zone of `123125 levels. Dont expect repeat of last series but it
appears to be a buy on dip candidate.
JSWSTEEL (90.98%) has shown highest rollover in

this space while lowest

BHUSANSTL (54.86%).

For Private Circulation Only

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was

observed

in

Derivative Report | India Research

Consumer goods and FMCG

ITC (73.11%) and HINDUNILVR (66.40%) both

have underperformed markets where former

added short positions while reduction was
observed in later. We maintain that these names
should be avoided for forming aggressive longs as
of now.
TITAN (74.63%) has corrected significantly in last

series with fall in open interest indicating long

unwinding in it. As gold prices languish with
negative bias, we dont see strong rebound in this
counter due to its strong correlation with precious
metal.
PANTALOONR (88.04%) had seen huge upside

last series. Good amount of that upside was due to

short covering after it breached resistance of `220.
Though stock has consolidated since last two
weeks we believe it will find difficult to breach
multiple resistance point zone of `245-255.

Information Technology
Both IT major INFY (72.80%) and TCS (70.85%)

have witnessed significant formation of short

positions as participants are discounting negative
earnings in prices. Though these names would not
see meaningful upside, we believe same can be
said for downside for coming series.
OFSS (90.37%) have added substantial amount of

long positions and have rolled them too; however

stock is not long heavy. HEXAWARE (88.31%) has
added huge short positions and is heading
towards its strong support zone of `77-80 where
we expect it to at least pause if not bounce back.
HCLTECH (70.74%) is only stock which reduced

open interest while lowest rolls in percentage terms

was seen in TECHM (66.10%).

Auto & Auto Ancillaries

TATAMOTORS (72.50%) has seen reduction in

open interest and have shown less than average

rolls while TATAMTRDVR (85.05%) has added huge
open interest with strong rollover. For former it was
more of short covering and for its DVR it is blend
of long and short. Any further underperformance
of DVR to its share would lead to pair trade of
going long in DVR and short in share.
ASHOKLEY (80.80%) continues to be in our

negative stocks list as it took resistance around `28

levels and has corrected with formation of short
positions. Continue to hold on to short positions as
of now.
EXIDEIND (89.07%) has significant shorts positions

rolled in it and counter has strong support around

`135 levels. Avoid fresh shorting in it.

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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

86.20

2.25

14544000

(22.49)

12.24

0.58

82.26

85.80

ASHOKLEY

27.20

(3.37)

11853000

10.14

13.59

0.26

80.80

75.30

2150.80

9.90

1086625

12.57

8.11

0.95

72.79

78.25

BHARATFORG

258.10

(2.18)

4413000

26.81

10.82

0.04

88.54

90.16

EXIDEIND

140.55

(2.60)

4286000

117.34

11.63

0.11

89.07

75.52

1887.20

3.30

1514000

(11.16)

9.87

0.61

77.46

75.55

BAJAJ-AUTO

HEROMOTOCO
M&M

940.40

(0.14)

2986000

(8.25)

11.27

0.37

75.27

77.58

1496.80

(0.02)

1957000

(23.09)

10.41

1.09

75.37

83.90

12650.10

19.38

100125

(17.25)

11.92

0.00

90.61

89.81

TATAMOTORS

311.60

11.70

21027000

(26.94)

8.09

0.79

72.50

81.23

TATAMTRDVR

172.70

4.73

8694000

43.70

13.46

0.49

85.05

80.51

MARUTI
MRF

BANKING & FINANCIALS

ALBK

169.15

21.91

5210000

(5.24)

12.48

0.45

79.91

87.27

ANDHRABANK

117.60

7.69

2408000

56.16

13.93

0.04

84.55

67.93

1373.40

4.58

3208750

(16.36)

6.96

1.04

71.46

71.22

BANKBARODA

868.35

16.33

1869000

(8.67)

10.62

0.29

66.01

76.30

BANKINDIA

341.35

22.61

2967000

1.82

13.77

0.54

67.16

67.86

CANBK

491.20

10.30

1805000

35.26

7.92

0.70

68.79

61.74

DENABANK

116.20

5.93

11312000

26.14

13.18

0.49

85.62

83.35

FEDERALBNK

540.40

13.42

2258000

118.16

10.82

0.77

91.45

80.44

HDFC

835.60

0.84

7935500

11.75

9.00

0.31

76.97

66.18

HDFCBANK

687.30

(2.43)

10834000

17.31

11.04

0.25

79.07

67.28

ICICIBANK

1147.70

5.35

8421500

(11.19)

10.32

0.83

72.20

70.38

IDBI

110.35

4.45

15400000

(4.64)

12.43

0.27

76.64

89.74

IDFC

172.80

2.52

14636000

9.60

13.45

0.75

83.19

75.78

IFCI

33.70

10.67

75920000

9.48

12.53

0.28

86.69

87.45

419.75

0.95

1896000

(19.56)

13.97

0.22

74.50

73.11

85.15

9.52

5008000

34.62

11.77

0.00

84.31

86.47

KOTAKBANK

655.45

(0.11)

2210500

(14.80)

9.07

0.20

72.46

74.77

KTKBANK

165.45

0.36

18792000

(2.65)

17.95

0.72

84.53

89.17

LICHSGFIN

292.10

12.32

11471000

(4.14)

11.92

0.28

90.17

85.18

ORIENTBANK

339.70

5.06

1747000

31.45

11.01

0.25

80.25

79.76

PFC

199.45

4.34

5934000

(20.67)

6.84

0.58

66.21

88.03

PNB

855.05

10.45

3381500

19.72

13.53

2.00

81.21

81.33

RECLTD

239.85

3.90

3332000

(14.32)

3.27

0.55

75.30

84.12

RELCAPITAL

481.90

15.84

8476000

(7.94)

7.85

0.38

87.35

87.66

AXISBANK

INDUSINDBK
IOB

For Private Circulation Only

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Scrip
SBIN

Price

Price
Change
(%)

OI Futures

2406.40

12.06

SRTRANSFIN

741.35

SYNDIBANK

129.35

UCOBANK

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

5036750

(11.92)

7.88

0.83

80.73

77.17

12.93

422500

29.40

10.23

0.00

81.88

65.24

4.23

1928000

24.55

13.06

1.06

81.69

75.40

78.40

5.80

12356000

4.53

14.16

0.40

90.99

89.84

UNIONBANK

272.15

15.64

3142000

(4.76)

5.78

0.56

79.60

80.58

VIJAYABANK

62.20

10.28

8400000

38.16

14.45

0.24

88.68

83.88

468.85

5.28

4804000

(27.46)

5.82

0.28

79.96

80.14

12.37
10.13
2.54
14.35
14.13
15.57
10.88
12.45
15.06
11.32
12.06
12.27
12.24
1.65
11.05
12.37

0.00
0.48
0.68
0.42
0.41
0.36
0.00
0.40
0.06
0.52
0.45
0.21
0.56
0.43
0.31
0.00

74.68
77.23
71.10
85.79
81.56
86.73
73.60
88.45
91.30
85.34
76.25
92.03
85.56
82.95
82.38
74.68

81.44
88.95
80.28
81.22
74.82
86.55
74.23
79.51
86.63
77.45
71.88
92.85
84.56
76.56
86.01
81.44

7.55
12.01
14.09
13.71
9.73

0.41
0.23
1.73
0.21
1.13

70.91
79.42
88.94
90.13
72.44

78.62
74.24
86.13
90.09
75.51

YESBANK

CAPITAL GOODS & INFRASTRUCTURE

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

699.40
135.10
226.60
114.20
18.70
13.60
634.65
127.10
45.65
97.80
1631.50
60.20
521.55
665.90
104.95
699.40

(1.67)
7.56
1.52
0.26
5.95
2.64
8.95
(6.16)
11.61
2.68
(2.63)
13.48
8.52
(1.50)
(2.96)
(1.67)

174000
6370000
22852000
11314000
78990000
70592000
520000
14174000
37584000
64884000
3917500
29136000
5875500
1041000
8072000
174000

(0.14)
(3.04)
(0.26)
64.98
4.01
20.51
(16.80)
87.83
24.80
0.77
26.98
5.43
(21.94)
6.88
73.67
(0.14)
CEMENT

ACC
AMBUJACEM
GRASIM
INDIACEM
ULTRACEMCO

1413.05
202.00
3184.20
88.65
1985.00

For Private Circulation Only

0.35
(3.37)
(4.79)
3.81
3.44

767250
6786000
1016250
9748000
794750

(15.76)
18.26
7.80
(7.62)
(12.24)

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

66.85

(0.67)

13116000

11.91

15.03

0.62

85.52

86.57

GUJFLUORO

331.25

(2.97)

TATACHEM

344.35

5.15

2277000

(5.28)

12.42

0.00

93.61

92.21

3766000

190.81

12.41

1.46

84.88

80.56

UNIPHOS

124.55

8.82

11172000

30.00

8.87

0.18

81.79

83.53

67.03
78.21
86.23
66.40
73.11
74.96
91.65
94.41
88.04
89.31
74.63

64.61
67.36
81.70
77.04
73.02
80.42
87.88
93.17
81.65
91.01
80.36

CONSUMER GOODS & FMCG

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

4393.65
1536.45
129.15
521.75
291.65
1295.55
1921.70
353.60
239.90
161.60
283.50

1.24
5.87
1.77
(5.51)
(2.98)
2.83
(6.38)
(2.29)
15.64
(1.49)
(7.98)

240875
126500
4584000
6393000
25192000
478250
6970500
3684000
10350000
16706000
3928000

4.90
9.52
(15.36)
(3.84)
14.74
(19.45)
33.52
(2.15)
1.41
13.12
(15.29)

11.34
7.18
13.08
7.14
11.75
10.86
12.94
13.29
11.20
12.74
6.29

0.39
0.00
0.27
0.69
0.22
0.42
0.77
0.00
0.43
0.41
0.44

INFORMATION TECHNOLOGY
FINANTECH
HCLTECH
HEXAWARE
INFY
OFSS
TCS
TECHM
WIPRO

1100.05
628.10
85.40
2309.90
3224.25
1257.35
930.10
386.30

For Private Circulation Only

(2.33)
(2.56)
(22.04)
(6.16)
10.58
(3.95)
4.90
(0.83)

1107750
2521000
19990000
4397875
383375
4416000
1405250
3413000

1.40
(4.05)
144.74
17.96
14.57
21.85
25.47
1.13

12.96
4.67
13.61
10.10
9.09
5.34
11.85
2.16

SEBI Registration No: INB 010996539

0.89
0.79
0.21
1.03
0.00
0.70
0.35
0.32

81.63
70.74
88.31
72.80
90.37
70.85
66.10
81.98

86.15
72.27
89.46
72.71
83.98
68.95
75.83
71.82

Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI Futures

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

MEDIA
DISHTV
SUNTV
ZEEL

76.25
427.20
222.85

(3.54)
4.26
9.11

17868000
3558000
4842000

(17.08)
(11.36)
(36.97)

13.16
13.10
13.27

0.56
0.31
0.53

87.45
87.61
73.70

83.96
88.95
85.85

0.56
0.39
0.74
0.00
0.27
0.27
0.61
0.15
0.45
0.25
0.66

54.86
81.50
84.35
83.52
80.84
90.98
66.26
79.03
83.66
73.55
80.78

75.77
75.84
84.92
81.39
84.69
90.64
83.43
82.03
82.35
84.45
84.71

METALS & MINING

BHUSANSTL
COALINDIA
HINDALCO
HINDZINC
JINDALSTEL
JSWSTEEL
NMDC
SAIL
SESAGOA
STER
TATASTEEL

466.10
356.05
129.60
136.90
451.10
814.70
162.20
90.20
193.95
115.45
433.50

3.15
(4.17)
13.83
(1.58)
17.29
10.60
1.03
12.96
7.99
8.81
14.08

245500
6078000
27254000
2584000
5652000
9108000
32736000
21056000
7938000
19500000
11787000

19.46
59.32
(14.03)
47.15
(22.22)
(10.16)
1982.44
6.60
10.85
(14.94)
(28.98)

9.94
8.86
12.21
13.50
10.51
11.13
13.35
10.51
8.40
11.41
6.66

MISCELLANIOUS
ABIRLANUVO
ADANIENT
BATAINDIA
GODREJIND
JISLJALEQS
SINTEX
INDHOTEL
RENUKA

1071.55
273.60
867.70
307.85
75.95
64.85

0.08
17.65
(7.78)
2.00
14.56
3.43

1597500
5576000
1983500
2194000
19832000
22172000

20.70
12.08
24.67
(3.26)
5.19
(1.16)

13.06
12.54
13.58
10.09
13.91
14.68

0.00
0.33
0.61
0.00
0.29
0.44

87.57
75.27
91.86
86.79
93.11
89.19

89.29
89.55
88.64
86.91
90.60
85.84

62.60
31.30

(0.08)
6.46

10288000
48136000

19.80
4.50

15.21
20.38

0.43
0.63

84.11
90.16

90.43
88.72

OIL & GAS

BPCL
CAIRN
GAIL
GSPL
HINDPETRO
IGL
IOC
ONGC

348.35
319.65
350.35
76.45
284.10
252.30
264.00
262.00

3.02
(3.68)
0.75
4.73
(1.20)
(3.81)
0.09
2.44

3592000
17058000
2111000
4028000
6326000
2639000
1211000
11645000

15.95
35.69
(11.41)
5.01
8.83
9.96
(7.63)
(2.16)

13.03
12.88
8.40
9.64
10.94
13.40
11.99
12.08

0.20
0.70
0.60
1.00
0.59
0.15
0.00
0.79

81.40
79.06
64.13
86.66
72.17
89.07
85.89
74.83

78.64
69.67
74.22
83.88
88.12
88.20
79.93
75.53

PETRONET
RELIANCE

160.95
826.90

0.19
2.96

3034000
11113250

9.61
(9.84)

13.45
11.73

0.26
0.39

83.81
75.91

80.64
76.60

For Private Circulation Only

SEBI Registration No: INB 010996539

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Scrip

Price

Price
Change
(%)

OI
Change
(%)

OI Futures

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

PHARMACEUTICAL
AUROPHARMA
BIOCON
CIPLA
DIVISLAB
DRREDDY
LUPIN
OPTOCIRCUI
RANBAXY
SUNPHARMA

191.95
286.15
420.30
1094.35
1849.85
620.50
105.80
505.85
751.00

3.23
(1.67)
2.90
(8.36)
1.34
6.37
(0.05)
(2.11)
5.15

12328000
3793000
10648000
1024500
905750
1965000
8016000
4937000
2905500

(0.52)
23.71
(10.37)
(12.36)
11.86
(0.86)
7.17
17.77
(10.32)

14.04
14.04
13.06
9.33
11.92
11.13
13.48
12.10
7.69

0.35
0.28
0.55
0.00
0.09
0.20
0.33
0.72
0.63

87.79
92.06
88.39
85.30
79.33
76.47
85.82
85.41
75.95

92.84
89.59
86.63
79.19
78.04
70.20
87.13
81.11
79.44

13.35
12.49
13.83
13.50
10.18
4.02
12.87
11.44
13.46
-14.52
13.44

1.00
0.11
0.15
0.69
0.41
0.61
0.16
0.00
0.24
6.00
0.23

89.05
86.56
76.72
89.02
74.34
72.44
78.68
87.94
78.36
94.09
68.08

91.69
82.97
90.04
92.36
86.49
79.64
76.25
84.26
85.99
94.20
75.87

12.05
11.42
19.01
12.38

0.44
0.37
0.09
0.54

81.28
87.58
90.93
77.99

80.91
71.53
88.94
82.62

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

63.30
308.35
38.20
66.50
25.85
156.10
114.85
73.75
94.20
17.70
110.00

23.39
(0.29)
(3.90)
9.38
13.88
(3.37)
(3.45)
3.07
(3.58)
(2.48)
3.14

12064000
3554000
23856000
12620000
121380000
13218000
10634000
4172000
48644000
117689000
9460000

0.23
49.27
166.49
(40.75)
16.97
37.97
17.40
16.41
181.67
0.65
11.01

REAL ESTATE
DLF
HDIL
IBREALEST
UNITECH

227.65
110.80
72.60
34.10

For Private Circulation Only

8.15
(2.29)
3.20
6.23

21838000
25024000
29840000
108980000

0.27
(5.87)
(6.08)
22.56

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

320.70
105.65

(3.43)
5.49

11163000
8552000

22.11
14.88

6.71
4.96

0.73
0.32

75.33
80.62

77.08
78.69

RCOM
TATACOMM

74.30
225.85

5.84
(5.14)

68296000
3741000

(0.43)
29.45

13.51
13.33

0.27
1.43

89.83
90.45

85.84
94.15

TEXTILES
ARVIND

101.45

12.35

6264000

(8.74)

0.51

0.24

75.91

82.19

CENTURYTEX
RAYMOND

422.60
459.35

0.64
1.70

6002000
5167000

7.16
20.05

13.37
13.69

0.64
0.87

89.84
92.07

90.43
94.03

WELCORP

105.95

1.44

19014000

(9.97)

19.04

0.00

90.16

96.89

For Private Circulation Only

SEBI Registration No: INB 010996539

Derivative Report | India Research

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SEBI Registration No: INB 010996539

10