Derivative Wrap-up by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):
"Despite flat opening indicated by the SGX Nifty, we began the session on a positive note and soon rallied above 11500 in the early morning trade. As the day progressed, the index crept higher and the momentum accelerated in the penultimate hour which led Nifty to surpass the hurdle of 11550-11570. After last three series of boredom, we finally saw a fantastic run of more than 7% in single series.
Since the beginning of March series, we witnessed good amount of long formation in the benchmark index and these positions have been rolled over to the next series. Rollover in Nifty was around 63% during the day, which hints this percentage will be certainly higher in the EOD data. Stronger hands continued their buying streak in equities, they bought to the tune of Rs. 28,863 crores in March series. In F&O space, they formed bullish bets by adding longs in index futures and index call options along with writing in index puts. Their index futures 'Long short Ratio' surged to 63% from 50% seen during the start of the March series. At current juncture, 11700 call and 11500 put options are attracting traders attention. Considering the above data points, we expect extension of ongoing momentum in the coming series. Traders are advised to trade with a positive bias and use declines to initiate fresh longs as we may soon head towards the record highs."