bullish futures bets to the September series on the expiry of the August contracts on Thursday as technical indicators are pointing to more upside in the near term, said analysts.
Provisional trends, according to analysts, showed the rollover to the September derivatives series was higher than normal.
«We have seen longs being added to the Nifty index, and there was a spike in the last hour, showing that there is momentum on the long side of the index, which was rolled over from August to September,» said Chandan Taparia, head of technicals and derivatives at Motilal Oswal Financial Services. «Shorts were also covered before this expiry as the market came out of the consolidation phase.»
The benchmark Nifty 50 ended 0.4% higher at 25,151 on Thursday after a volatile session. It made a fresh all-time high of 25,192.9 during the day. It has gained 1.27% in the past month.
«We will have the next target of 25,500 for the Nifty,'' said Rajesh Palviya, head of technical and derivatives research at Axis Securities.
'The Nifty has also overcome its all-time high barrier and seen open interest addition this month, along with a bullish rollover,» he said.
Traders who look at the seasonal trends may have a lesser reason to be outright bullish on the market in September.
In the past 10 years, the Nifty in September has closed lower on six occasions, according to JM Financial's analyst Neeraj Agarwal in a note.
The outcome of the rate setting meetings of the US Federal Reserve and Bank of Japan scheduled in September