Nifty November series outlook: 4 stocks where investors can park their money; do you own?
₹22,850 crore worth of Indian shares so far in October, the most for any month since January. The Fed is widely expected to hold rates at its policy decision after the bell on Wednesday, but Chair Jerome Powell's commentary will be key. Any indication of rates remaining high for a prolonged period will weigh on IT stocks, which have already warned of weak spending by their US and European clients.
The IT index lost 3.78 per cent for the month - its worst in 2023. In its derivatives, monthly rollover report, domestic brokerage firm Religare Broking revealed Nifty closed at around 19,850 after volume weighted average price (VWAP) based selling activity was witnessed throughout the day. In its report, Religare highlighted that at 95 per cent, textile, infrastructure, capital goods, and banking are the sectors where the highest rollovers were witnessed in the October series.
Whereas at 90 per cent, power, metals, and media were the sectors where lowest rollovers were witnessed. Nifty futures has rolled at around 83 per cent compared to 76 per cent which is lower with respect to the previous series. The open interest for the new contract is also higher by around 13 lakh with respect to the last month contract implying fresh short positions in the November series.
Bank Nifty futures rolled at 79 per cent compared to 85 per cent, in the previous month. Bank Nifty futures have seen higher open interest of around 1.54 lakh with respect to October. Bank Nifty had underperformed the Nifty in October, and the brokerage believes this might continue in November too.
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