Rollover Report

India Research
March 01, 2013

Series gone by has clearly highlighted that how just seeing percentage rollover is incorrect. Nifty (54.46%)
and BankNifty (52.19%) both have shown much lower rollover then its averages but are still starting March
series with higher open interest base compared to last series. This can be attributed to huge built-up which
took place in last week of February series; a blend of long and short, though more of shorts, to reduce the
cost of rollover by taking advantage of volatility. In fact FIIs who were frontrunners in forming huge positions
has shown further less rollover in their index futures positions.
Implied volatility movement is quite baffling. Its behaving as if nothing is happening in market. In fact
despite market going down, IVs have further corrected and are now at 13.92% and interestingly put IVs are
lesser then calls.
Market wide rollover is not as dismal as index futures and most of the sectors have seen short rollover. We
suggest adopting stock specific approach for initial part of March series.

Indices Change

NIFTY & PCR Graph

Price
Change
(%)

Rollover

5693.05

(5.66)

54.46

66.01

11487.35

(9.61)

52.19

68.49

NFTYMCAP50

2011.55

(13.48)

66.33

58.32

CNXIT

7106.65

4.85

62.99

66.93

CNXINFRA

2299.90

(10.21)

67.33

69.22

INDEX
NIFTY
BANKNIFTY

Price

3 month
avg.

Monthly Gainers
Scrip
TCS
SUNPHARMA
HEXAWARE
HCLTECH
INFY

Monthly Losers
Price

Price
Change
(%)

Open
Interest

Ol
Change
(%)

Scrip

Price

Price
Change
(%)

Open
Interest

Ol
Change
(%)

1524.40

13.07

2755500

25.61

WELCORP

58.60

(41.92)

14914000

(26.45)

808.15

12.19

2423500

(21.10)

OPTOCIRCUI

49.70

(37.84)

9838000

(0.20)

85.60

7.67

9590000

(37.78)

PANTALOONR

178.00

(28.61)

8880000

46.68

727.80

5.11

2376000

(1.82)

ADANIPOWER

44.95

(26.55)

12496000

31.81

2925.10

4.48

2148500

(7.26)

RCOM

61.70

(26.20)

54348000

(4.72)

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

HDFCBANK (46.77%) has seen lowest rollover in

this space and has also shed significant open

interest. Stock may not fall further with such low
open interest. Also it has strong support in the
range of `610-615.
LICHSGFIN (90.49%) depicted very high rollovers

and is starting series with most of the short

positions which got created in Feb series as stock
corrected from `285+ levels. Bounce backs were
seen mainly due to short covering in it. Stock may
move towards strong support of around `210.
SBIN (70.07%) has shown moderate rollovers but

is among few large cap names which has gained

open interest series on series. As `2050 is support
for the counter and now `2200-2250 becomes
substantial resistance zone for it.

Consumer goods and FMCG

HINDUNILVR (56.21%) has seen very less rollover

and its mainly due to shorts which got created at

higher levels of `490-500 in Jan series are not
rolled now. This is positive for stock as also its near
to its decent support level of `435.
ITC (45.57%) has seen lowest rollover among

large caps in FNO space. We believe stock may

continue to face resistance around `305-310 zone,
however downside too looks very limited.
PANTALOONR

(82.62%) has witnessed high

rollover and most of the positions rolled are on the
shorter side. Support levels are still far from current
levels. Bottom fishing in this may be avoided.

Metal & Mining

SESAGOA (69.54%) has reduced substantial open

interest and is starting March series with quite low

open interest. Negative factors are known to all and
stock has support around `145-150 zone. If not
formation of long, at least shorts should be covered
in it.
STER (85.44%) is only counter in this space which

has added open interest and shown higher than

average rollovers indicating shorts going aggressive
in this series too. Dont be in hurry to buy this one.
TATASTEEL (77.90%) is approaching to its multiple

support points zone of `310-330. Quite unlikely to

go below this as it has lot of shorts standing in it
which may lend support to the counter in form of
covering.

For Private Circulation Only

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Derivative Report | India Research

Capital Goods and Infra

BHEL (88.63%) has seen highest rollover in this

space with huge addition of open interest and is

now below `200 levels. Slow down impact is felt
highest by this counter which can be accessed from
the extent of shorts formed. After every crisis stock
has bounced from `190 levels or so. It appears
that this time it may not bounce but may choose to
consolidate around it.
LT (64.74%) showed reduction in open interest and

rollovers too. `1280-1310 is good support zone.

Expect some short covering bounce but not a huge
one.
Mid cap names in this space like CROMPGREAV

(79.44%), VOLTAS (81.11%) and PUNJLLOYD

(81.78%) have shown less rollover than average
and have reduced considerable open interest.

Oil & Gas

HINDPETRO (82.09%) and BPCL (78.26%) are two

large cap stocks which have managed to hold on

to substantial part of this open interest. Former is a
good buy according to us. Corrections were more
due to long unwinding and sitting near important
support zone of `275-280 levels.
RELIANCE (61.25%) too has shed lot of open

interest in this space. If crude corrects, which looks

likely, counter may see further pressure and also
supports are not near. Next meaningful support of
the stock is around `760 levels.
Lowest rollover in this space was witnessed in GAIL

(51.11%). Counter is literally starting this series

with almost half of the open interest what it did in
last series. Its volatility may increase.

Information Technology
TCS (59.98%) though added open interest series

on series but witnessed less rollover. Counter is in

new zone altogether however with longs intact and
shorts out of system its risky to form longs now and
same may be said for other big name INFY
(59.86%).
TECHM (81.65%) has witnessed formation of long

positions in last series and those have been carried

forward too. We believe this stock may continue its
upward trajectory and any dips should be bought
into this.
FINANTECH (82.25%) and OFSS (88.74%) are two

stocks in this space who gave negative returns

despite sector giving substantial positive returns.
Incidentally, both stocks have shown highest rolls
in percentage terms.
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

83.45

(3.80)

5348000

(48.06)

11.82

0.22

81.43

82.53

ASHOKLEY

22.45

(8.92)

14229000

(6.23)

11.72

0.43

85.23

79.53

1981.70

(2.81)

727125

(15.85)

5.75

1.18

64.75

77.10

BHARATFORG

213.45

(7.82)

4536000

(11.23)

-3.05

0.44

92.36

90.89

EXIDEIND

125.90

1.57

2384000

(54.35)

8.34

0.29

66.59

77.17

1666.35

(8.65)

1502250

(4.54)

-0.86

0.84

80.26

73.92

BAJAJ-AUTO

HEROMOTOCO
M&M

877.45

(2.03)

1823000

(18.23)

5.60

1.56

56.80

71.64

1363.15

(14.21)

1997500

6.82

8.47

0.51

68.29

79.33

11583.40

(12.44)

87625

(14.72)

17.76

0.00

75.87

91.02

TATAMOTORS

289.05

(3.51)

18059000

11.43

6.80

0.74

71.85

77.43

TATAMTRDVR

160.40

(4.12)

5152000

9.29

12.31

0.15

77.94

78.21

MARUTI
MRF

BANKING & FINANCIALS

ALBK

138.90

(15.69)

3542000

(36.11)

7.55

0.44

68.06

83.23

91.85

(18.75)

3152000

(2.23)

12.18

0.96

77.94

67.32

1354.00

(10.19)

4049750

(12.06)

9.55

0.80

72.09

71.35

BANKBARODA

701.45

(19.35)

1863000

48.45

10.87

0.50

63.27

69.14

BANKINDIA

320.65

(9.27)

3090000

(15.67)

10.86

0.57

76.28

73.69

CANBK

418.65

(13.30)

2015000

(14.47)

9.57

0.67

79.77

68.65

89.55

(20.04)

11720000

(16.90)

12.49

0.37

79.81

84.42

FEDERALBNK

494.30

(2.88)

913500

(52.68)

2.77

0.00

79.09

83.21

HDFC

763.45

(3.59)

4525500

(32.06)

9.98

0.53

50.93

73.40

HDFCBANK

631.20

(2.53)

6515500

(37.81)

12.19

0.32

46.77

73.87

ICICIBANK

1048.55

(12.63)

6962250

(19.95)

10.21

0.45

57.48

72.99

IDBI

88.80

(17.89)

10340000

(9.11)

12.60

0.45

80.11

81.81

IDFC

150.50

(12.04)

11716000

(13.50)

10.48

0.42

72.19

82.39

IFCI

29.40

(17.07)

72744000

11.30

13.44

0.32

87.95

87.91

415.50

(4.97)

2119000

22.13

11.07

0.55

66.24

71.72

70.35

(13.63)

4736000

(30.52)

14.99

0.44

81.82

87.06

KOTAKBANK

661.25

(2.91)

1805500

8.15

3.26

12.36

52.70

71.99

KTKBANK

141.35

(14.88)

18644000

(9.42)

13.51

0.37

88.34

88.39

LICHSGFIN

233.95

(17.54)

12716000

(0.45)

8.69

0.45

90.49

86.78

ORIENTBANK

276.90

(17.28)

1229000

(25.02)

9.25

0.50

68.24

73.73

PFC

201.95

(1.92)

4684000

(2.94)

3.24

0.38

82.49

76.82

PNB

796.75

(13.21)

3936500

3.69

10.39

0.48

80.81

81.83

RECLTD

230.10

(3.44)

2157000

(30.71)

10.85

0.33

74.84

80.09

RELCAPITAL

363.40

(24.04)

8184000

(3.67)

9.76

0.38

82.28

89.04

ANDHRABANK
AXISBANK

DENABANK

INDUSINDBK
IOB

For Private Circulation Only

SEBI Registration No: INB 010996539

Derivative Report | India Research

Scrip
SBIN

Price

Price
Change
(%)

OI Futures

2096.00

(14.35)

SRTRANSFIN

696.70

(11.98)

677500

SYNDIBANK

118.00

(12.98)

3616000

UCOBANK

57.65

(24.64)

10124000

(24.36)

UNIONBANK

213.70

(16.91)

2720000

VIJAYABANK

49.95

(16.47)

8612000

475.20

(9.47)

4959000

YESBANK

5054500

OI
Change
(%)

COC (%)

2.61

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

9.46

0.43

70.07

79.58

124.34

1.97

1.00

40.65

72.01

(30.99)

13.39

0.15

80.36

81.07

11.40

0.17

69.02

91.03

(34.27)

9.21

0.38

75.06

79.72

(8.77)

11.85

0.40

84.37

85.68

(3.95)

8.84

0.36

81.51

77.06

9.87
-17.82
7.18
0.00
6.09
-69.79
10.94
15.28
9.37
5.62
-36.92
6.84
11.76
10.72

1.40
0.58
0.54
0.38
0.37
0.00
0.47
0.19
0.60
0.32
0.00
0.51
1.27
0.23

57.12
88.63
79.44
84.67
85.72
59.40
84.55
81.59
76.92
64.74
81.78
79.73
69.01
81.11

77.54
79.78
81.24
82.75
90.11
74.38
84.46
89.32
84.31
77.26
93.06
85.99
81.72
87.13

-12.14
8.85
11.47
-3.08
6.77

0.62
0.93
0.67
0.59
0.35

57.99
69.88
73.00
68.39
71.06

76.62
74.10
88.91
85.14
76.49

CAPITAL GOODS & INFRASTRUCTURE

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

139.70
198.40
91.25
17.65
10.75
603.75
114.15
25.90
70.05
1373.70
39.45
421.20
508.85
79.70

(8.06)
(11.03)
(15.35)
(7.35)
(17.31)
(8.80)
(6.24)
(25.25)
(19.81)
(11.60)
(25.28)
(18.96)
(22.92)
(19.17)

1774000
35985000
9786000
64020000
54080000
504000
11052000
28688000
54888000
3442750
26792000
5255500
867500
8366000

(62.86)
39.37
(33.05)
(15.27)
(24.42)
48.45
(27.51)
2.40
(5.74)
(13.51)
(18.00)
(2.86)
(3.66)
(25.60)
CEMENT

ACC
AMBUJACEM
GRASIM
INDIACEM
ULTRACEMCO

1260.70
192.85
2981.90
84.55
1877.75

For Private Circulation Only

(5.46)
(4.46)
(1.56)
(2.65)
(1.66)

520000
6246000
668875
3868000
742125

(31.71)
7.73
(32.90)
(46.01)
11.60

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

56.15

(16.38)

10984000

(17.49)

11.71

0.64

80.53

89.03

TATACHEM

329.50

(8.48)

1014000

(31.81)

8.96

0.91

80.29

84.70

UNIPHOS

116.80

(12.97)

10732000

(26.32)

11.26

1.03

90.46

84.59

CONSUMER GOODS & FMCG

ASIANPAINT
COLPAL
DABUR
HINDUNILVR

4307.90
1282.55
127.45
445.95

(4.92)
(5.86)
(4.32)
(6.21)

160375
259250
1212000
3946000

(20.70)
(28.63)
(2.73)
(36.27)

10.89
10.61
10.83
8.53

0.45
0.00
0.09
0.76

50.65
79.46
73.28
56.21

64.58
76.70
77.40
70.93

ITC
JUBLFOOD
MCDOWELL-N
MCLEODRUSS

296.85
1049.80
1857.75
359.05

(3.87)
(13.09)
2.28
(1.48)

12181000
746250
7727750
2921000

(33.90)
57.94
(1.24)
(16.54)

9.06
3.74
12.50
9.88

0.89
0.26
0.54
0.00

45.57
70.04
95.27
93.08

72.41
78.75
88.34
93.67

PANTALOONR
TATAGLOBAL
TITAN

178.00
125.90
261.25

(28.61)
(16.43)
(7.08)

8880000
21840000
7613000

46.68
(5.34)
91.67

13.32
7.29
1.75

0.37
0.34
1.06

82.62
84.34
63.60

83.75
89.42
78.33

INFORMATION TECHNOLOGY
FINANTECH
HCLTECH
HEXAWARE
INFY
OFSS
TCS
TECHM
WIPRO

847.70
727.80
85.60
2925.10
2842.25
1524.40
1043.30
419.10

For Private Circulation Only

(24.79)
5.11
7.67
4.48
(11.43)
13.07
3.78
1.44

837750
2376000
9590000
2148500
440375
2755500
905750
2610000

(24.97)
(1.82)
(37.78)
(7.26)
(8.68)
25.61
20.17
(9.25)

5.79
7.93
-11.32
8.12
14.05
6.36
-9.61
8.45

SEBI Registration No: INB 010996539

0.32
0.54
0.35
0.81
0.00
1.57
0.16
0.58

82.25
70.14
82.06
59.86
88.74
59.98
81.65
63.17

83.92
70.77
89.57
68.13
90.21
66.75
73.77
71.97

Derivative Report | India Research

Scrip

Price

Price
Change
(%)

OI Futures

OI
Change
(%)

COC (%)

PCR-OI

Rollover
(%)

Average
Rollover
(3month)
(%)

MEDIA
DISHTV
SUNTV
ZEEL

65.65
414.00
219.65

(9.51)
(12.79)
(5.06)

17300000
1513000
4104000

(14.81)
(38.12)
(36.80)

7.99
9.36
9.87

0.29
0.91
0.37

81.87
78.80
78.14

86.38
85.62
82.92

0.00
0.27
0.37
0.55
0.52
0.72
0.46
0.19
0.85
0.59
0.45

45.63
63.05
82.20
77.15
76.91
91.70
86.88
78.50
69.54
85.44
77.90

61.79
76.42
86.18
83.07
83.60
87.96
74.70
84.04
82.32
84.25
82.44

METALS & MINING

BHUSANSTL
COALINDIA
HINDALCO
HINDZINC
JINDALSTEL
JSWSTEEL
NMDC
SAIL
SESAGOA
STER
TATASTEEL

452.55
306.85
99.75
115.55
351.05
744.10
137.55
71.35
156.00
94.50
344.10

2.01
(13.64)
(14.82)
(10.77)
(17.09)
(15.61)
(11.32)
(17.28)
(16.60)
(17.50)
(15.67)

188468
3766000
36900000
2768000
5969000
7649500
26478000
16660000
5794000
24756000
16406000

(32.79)
(22.25)
(7.44)
(16.32)
18.93
(5.33)
(18.83)
(18.59)
(40.13)
18.43
6.55

-24.17
-12.41
11.20
9.09
8.03
8.55
4.76
8.27
9.68
7.63
9.92

MISCELLANIOUS
ABIRLANUVO
ADANIENT
BATAINDIA
GODREJIND
JISLJALEQS
SINTEX
INDHOTEL
RENUKA

1015.25
216.70
754.00
272.05
60.50
55.35

(11.36)
(13.89)
(4.89)
(11.36)
(19.44)
(12.07)

1051500
4904000
1995750
871000
12312000
17812000

(16.35)
(20.93)
(10.90)
(24.98)
(29.09)
(23.97)

14.02
6.35
11.25
6.99
13.06
20.33

2.38
0.88
0.50
0.50
0.43
0.44

85.07
83.37
93.55
76.00
83.14
82.34

91.07
82.37
91.93
85.44
93.11
86.58

54.65
24.00

(12.42)
(18.92)

9244000
46832000

(21.39)
(16.96)

15.69
13.72

0.15
0.83

87.44
84.19

87.95
91.10

OIL & GAS

BPCL
CAIRN
GAIL
GSPL
HINDPETRO
IGL
IOC
ONGC

374.80
299.50
333.80
65.40
292.40
257.90
294.60
313.55

(9.44)
(8.10)
(3.02)
(10.47)
(11.74)
(1.56)
(10.50)
(8.24)

4151000
10800000
1341000
4448000
8099000
1075000
2381000
5875000

(12.04)
(20.83)
(44.66)
9.34
(12.69)
(34.05)
(35.12)
(33.09)

9.99
6.78
4.90
12.07
11.92
11.73
8.46
0.42

0.38
0.54
0.62
1.20
0.44
0.10
0.16
0.34

78.26
73.86
51.11
86.20
82.09
85.05
67.58
53.42

83.04
81.22
70.85
85.68
82.27
84.66
86.85
74.61

PETRONET
RELIANCE

141.85
820.95

(7.29)
(8.11)

3272000
8176250

(31.61)
(23.49)

11.59
11.37

0.67
0.41

80.31
61.25

83.92
75.93

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
RANBAXY
SUNPHARMA

162.40
275.30
362.40
1016.15
1769.65
589.55
49.70
381.90
808.15

(14.10)
(2.05)
(11.58)
(3.94)
(8.35)
(3.19)
(37.84)
(15.38)
12.19

12348000
2025000
8027000
556750
456625
1009500
9838000
5627500
2423500

(5.58)
(34.00)
(27.36)
(29.03)
(18.20)
(54.25)
(0.20)
(23.73)
(21.10)

12.15
9.30
9.24
7.94
10.54
10.25
-9.12
12.58
9.75

0.35
0.29
0.35
1.33
0.19
0.31
0.39
0.49
1.18

86.65
87.10
76.93
73.77
52.90
56.78
80.72
81.45
67.07

90.73
87.97
88.64
82.75
77.26
80.18
88.19
86.05
77.15

14.66
10.25
13.60
10.80
2.41
-26.35
6.25
8.97
12.69
11.05

0.42
0.00
0.15
1.33
0.31
0.29
0.27
0.60
0.35
0.10

89.21
88.27
73.86
86.54
90.68
60.07
59.09
79.90
85.88
51.15

85.41
85.87
83.18
86.51
76.69
77.87
77.02
85.60
85.94
73.14

4.00
-5.40
14.28
11.98

0.60
0.79
0.19
0.26

72.25
69.06
86.82
79.30

77.06
82.08
90.07
80.52

POWER
ADANIPOWER
CESC
JPPOWER
JSWENERGY
NHPC
NTPC
POWERGRID
PTC
RPOWER
TATAPOWER

44.95
282.05
29.05
54.75
27.10
147.85
104.80
65.85
72.60
95.20

(26.55)
(10.15)
(17.71)
(23.64)
(7.03)
(4.27)
(5.12)
(14.59)
(22.02)
(6.58)

12496000
873000
17496000
8000000
233172000
16502000
7032000
2464000
44640000
5896000

31.81
(31.96)
(4.16)
(10.03)
42.81
18.96
(47.29)
(7.78)
(1.48)
(38.35)

REAL ESTATE
DLF
HDIL
IBREALEST
UNITECH

278.20
60.10
60.00
27.45

(0.02)
(21.54)
(22.63)
(25.61)

12998000
20724000
20820000
58180000

(2.73)
15.44
(33.90)
(39.43)

TELECOM
BHARTIARTL
IDEA

324.25
117.70

(4.93)
3.65

4761000
11136000

(31.20)
12.85

5.45
1.11

1.15
0.92

47.87
84.21

73.63
81.07

RCOM
TATACOMM

61.70
224.00

(26.20)
(4.33)

54348000
2874000

(4.72)
(17.84)

13.88
6.43

0.47
0.00

84.04
88.19

87.75
92.05

TEXTILES
ARVIND
CENTURYTEX
RAYMOND
WELCORP

75.25

(20.83)

5628000

(11.23)

13.12

1.04

87.17

81.41

326.20
314.50
58.60

(17.00)
(17.00)
(41.92)

5327000
5466000
14914000

(15.40)
(2.84)
(26.45)

6.83
14.03
5.59

0.36
0.39
0.00

80.79
90.78
89.58

90.24
91.76
91.35

For Private Circulation Only

SEBI Registration No: INB 010996539

Derivative Report | India Research

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