Kingfisher Airlines adds 52 lakh shares in OI

Kingfisher Airlines ended up 6% with a buildup of 52 lakh shares in open interest for the October series. IFCI ended down nearly 1.7% with a buildup of nearly 3 crore shares in open interest.

The Nifty futures is seen rollover about 65%; 6-7% appreciation seen in the last series which was September Series.

In the last few days there was some unwinding pressure coming from 5,000-5,100 but slowly we saw today there was some short covering happening throughout the day. At one point of time we were trading at a 10-15% discount and at the end we would just see October futures ended at around 15 month premium clearly signifying that there has been a huge short covering seen in the futures.

The next series remains at 4,900 as base because that is the level used for trading the Nifty in the next series and on the upper side its 5,100 which is the region which is worked 4,900-5,100 in the next series.

Stock specifics Kingfisher Airlines, ended up 6% with a good buildup happening in the next series, nearly 52 lakh is the addition, which we saw in the October series and a good rollover of nearly 80%, after a long time we have seen airline stocks which such a good roll.

Also the PSU banks starting form Vijaya bank, Dena Bank, UCO Bank all the stocks which are flaring up any where between 5-10% saw a huge buildup happening in. Vijaya Bank was up nearly 6.5% with a good buildup of nearly 58 lakh shares happening in and you can see mammoth rollovers on all these PSU banks at around 87%.

JP Associates is one stock where we saw short covering happening in the day. During the day it was down 3% but it ended up nearly 1.5%, it recovered nearly 4.5% from the day’s low and we saw a buildup of nearly 70 lakh shares happening in, the rollovers also pushed up to 75% on this stock.

IFCI ended down nearly 1.7% with a buildup of nearly 3 crore shares, which was seen in the next series for a net buildup of nearly 1.3 crore shares seen on this stock.

Source: MoneyControl