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The October series started on lighter positions as open interest (OI) in Nifty was at the lowest level seen in the last one year. The bearish momentum of September series was seen in October series, too, as our market continued to make lower lows in the first fortnight of October expiry.
However, we witnessed some relief rally in the latter half. But, the Nifty failed to sustain at higher levels and nosedived again below the previous swing low of 10,138.
The Nifty ended the October series with a massive loss of 7.77 percent over its September expiry. After October 2008, this is the biggest fall in the Nifty in an expiry month in terms of total losing points.
The fall was supported by fresh short positions and the same got carried forward to November series as rollovers in Nifty stood at 75.83 percent, which is above its quarterly average of 68.21 percent.
On a month-on-month basis, the open interest has increased by 28.34 percent. The foreign institutional investors (FIIs), too, participated in the ongoing fall as they turned net seller in cash market segment on almost all trading sessions (except two) in October series and cumulatively sold equities worth Rs. 25,528 crores.
They also formed a good amount of short positions in the index futures and as a result, their ‘Long Short Ratio’ in the index futures has fallen from 46.10 percent to 29.20 percent, which is at the lowest point in the last six months.
On the options front, 11,000 - 10,500 call writers are active; while we are witnessing decent writing in 10000 and 10200 put options in the November series.
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