Nifty October series outlook: 4 stocks where investors can park their money; do you own?
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! Nifty futures has rolled at around 76 per cent compared to 78 per cent which is lower with respect to the previous series. The Open Interest for the new contract is also lower by around 3 lakh with respect to the last month contract implying long unwinding of positions in the Index.
GNFC, Glenmark, NTPC, and Asian Paints are the top picks for the October series, according to Religare Broking. The stock lost marginally in September series with huge addition of OI to the tune of 27 per cent. The rollovers are good at 97 per cent.
''On the basis of decent cash based buying, we believe it is poised for further leg of up move. So be positive in GNFC keeping a stop at 570,'' said Religare Broking. The stock gained marginally in September series with OI addition of 56 per cent.
''With Good delivery based buying in last session of the series, we believe it would attract fresh buyers going forward. So we have a Positive Stance in the stock with Strong support at 760,'' said the brokerage. The stock has witnessed fresh long buildup by adding 46 per cent OI with 8 per cent rise in price in the last series.
''With good delivery buying in equities, we believe the stock is primed to continue its upward trend keeping 240 as a support,'' said Religare Broking. It has witnessed creation of fresh short positions in the previous series with a rise of 47 per cent OI which are likely shorts. Cash data further indicates selling near the 3,200 levels.
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