Foreign Institutional Investors (FIIs) have reduced their short positions on index futures at the start of the December series. Nifty futures’ rollovers are slightly lower compared to the previous three series. The net short coverings by FIIs have resulted in a lower Open Interest (OI) base for Nifty futures. The Nifty Index and Nifty Bank have both shown positive gains, with the broader markets also experiencing a significant surge. Market-wide futures’ open interest is at historic highs, but rollovers are slightly lower than the three-month average. Major OI build-up is observed in Nifty December Weekly expiry options. As for single stock futures (SSF), FIIs have increased their net long positions. Stock futures rollovers are slightly lower than the average, but most frontline names have seen an increase in roll cost. Overall, the market breadth has been positive, with a majority of stocks ending on a positive note in November series. Looking ahead to the December series, Nuvama expects new highs for Nifty and recommends focusing on chemicals as a contrarian play. SBI Securities suggests investing in financial services, pharma, cement, midcap IT, oil & gas, auto, and infrastructure sectors.
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