Nifty 50 June series: From Bata India to IGL—4 stocks where investors can park their money; do you own?

livemint.com:

Nifty futures has rolled at around 72 per cent compared to 65 per cent which is slightly higher with respect to the previous series. The Open Interest (OI) for the new contract is higher by around 20 lakhs with respect to the last month contract implying more short positions.Bank Nifty futures rolled at 68 per cent compared to 74 per cent, lower than the previous month. Bank Nifty futures have seen anaddition of OI of around 5.6 lakh with respect to the last month.

This might be because of the higher positions in Bank Nifty during the May expiry. Bata India, Indraprastha Gas Ltd (IGL), UPL, and United Breweries Ltd (UBL) are the top picks for the May series, according to Religare Broking.
The stock has broadly been consolidating and gained hardly anything in the May series. ‘’But the noticeable part is it added substantial OI to the tune of 32 per cent with rolls at 93 per cent.

Going forward, we believe stock may come out of the range and test 490 in the near term,'' said the brokerage. After a prolonged downtrend, the stock is now showing some signs of reversal. In the previous month, it gained nearly two per cent with an addition of 16 per cent OI with 92 per cent of positions being rolled.

‘’Holding 1,330, we believe the stock has the potential to test 1470-1500 levels in the near term,'' said Religare Broking. The stock witnessed some pullback and lost nearly nine per cent with a decline of 39 per cent OI in the May series. Rollovers were less indicating this short term downtrend may be about to end.

‘’So keeping a stop at 1,750, we expect the stock to see some positivity in the near term,'' said the brokerage. The stock ended on a flattish note i.e. hardly any change in price.