MTECHTIPS

MTECHTIPS:-Traders bullish on futures contracts, fuel hopes of rally gaining momentum

MUMBAI: Traders rolled over their bullish bets on the expiry of the October series of futures contracts, fuelling hopes of a continued rally. Though the rollover in Nifty index futures to the November series was in line with that of past expiries, the rollovers took place at a higher premium to the spot index.Nifty futures rollover was at around 63 per cent, similar to 64 per cent seen at the expiry of the September series. The November series closed on Thursday at 5,746.85, at a premium of nearly 42 points to the underlying. Nifty closed at 5,705.30, 0.24 per cent above its prior close. Open interest of the November contracts increased over 23 per cent intra-day to end at 1.8 crore units."Investors carried forward long positions in Nifty futures to November, causing the premium over the underlying index to expand. Retail investors are holding many long positions above 5700 levels,"Full market rollover of stock futures was around 83 per cent, also in line with earlier averages, traders said.Rollover in Bank Nifty futures, however, dropped in absolute terms to a little over 10 lakh units, even as the percentage of rollover remained at 68 per cent, higher than the previous expiry.