Nifty 50 May series: 4 stocks where investors can park their money; do you own?

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Nifty futures has rolled at around 65 per cent compared to 70 per cent which is lesser with respect to the previous series. The Open Interest (OI) for the new contract is higher by around 2 lakhs with respect to the last month contract implying more long positions, according to Religare Broking. Bank Nifty futures rolled at 74 per cent compared to 87 per cent, lower than the previous month.

Banknifty futures have seen reduction of OI of around 32 lakh with respect to the last month. This might be because of the lesser positions in Bank Nifty during the April expiry.
State Bank of India (SBI), UPL Ltd, GAIL and Infosys are the top picks for the May series, according to Religare Broking. The stock gained over eight per cent with no major change in OI.

Rollovers are less at 86 per cent indicating lesser carrying forward of previous Shorts. ''With fresh cash based accumulation, we believe stock would continue its northwards move. One should be positively biased with a stop at 740,'' said Religare Broking.

After a prolonged downtrend, UPL gained over 11 per cent with reduction of some OI indicating short covering. Good delivery data and other technical parameters suggests the stock is in accumulation phase and may ultimately start moving higher. ''We believe its prudent creating Longs in the counter with a stop at 450,'' said the brokerage.

The stock gained 15 per cent in the previous series and added 10 per cent OI with higher rolls than 3-M average indicating long rolls. ''With decent activity in last week of rollovers, we believe the stock might trade with Positive bias in the range of 192-230,'' said Religare Broking. The stock lost more than four per cent with 20 per cent OI addition implying as shorts.