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

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hit record highs on Monday, April 1, led by metals stocks on strong industrial data from the top consumer China, before settling around 0.5 per cent higher. The BSE Sensex declined by 110.64 points or 0.15 per cent to settle at 73,903.91. The broader NSE Nifty dipped 8.70 points or 0.04 per cent to 22,453.30.

Recovery continued in broader markets as the domestically-focused BSE smallcap gauge rose 1.28 per cent and the midcap index climbed 1.14 per cent. Investors will closely monitor the Monetary Policy Committee (MPC) meeting by the Reserve Bank of India (RBI) starting April 3 for near-term cues, with the first outcome for the new fiscal 2024-25 (FY25) to be pronounced on Friday. According to State Bank of India (SBI) Research, the central bank may initiate a rate cut cycle in the third quarter of current financial year 2024-25.

In its derivatives, monthly rollover report, domestic brokerage firm Religare Broking revealed that Nifty 50 closed at around 22,300 after Volume weighted average price (VWAP) based buying activity was witnessed in the second half of the day. In its report, Religare highlighted that at 96 per cent, textile and cement are the sector where the highest rollovers were witnessed in the March series. Whereas at 89 per cent, telecom and metals are the sector where the lowest rollover were witnessed.

Nifty futures has rolled at around 70 per cent compared to 79 per cent which is lesser with respect to the previous series. The Open Interest (OI) for the new contract is lower by around 18 lakhs with respect to the last month contract implying lesser short positions, according to Religare Broking. Bank Nifty futures rolled at 87 per cent compared to 74 per cent, higher than the previous month.