''Nifty rolls were at 23.76% vs. the 3M average of 13.41%. Market wide rolls were at 17.76% vs. 3M average of 14.72%,'' according to ICICIdirect. Sectorally, the banking, FMCG and power space are witnessing high rollover of positions while stocks from the telecom, technology and metal space are witnessing relatively low rolls into the June series.

Highest rollover was observed in Uco Bank (34.5%), Jubilant Foodworks (34.2%), United Breweries (30.3%), Union Bank of India (28.5%) and Tata Global (25.3%). Rollover activities are yet to begin among stocks like Jindal Steel & Power, Indraprastha Gas, Sun TV, Tata Communication and OFSS. Among index stocks, Hero MotoCorp (31.8%), HDFC Bank (31.4%) and Reliance Industries (26%) are witnessing higher rolls into the next series while Maruti, HDFC and M&M are witnessing low rollover into the June series.
 
Nifty futures open interest is just at 12.8 million shares entering into the settlement week against 19.5 million shares seen during the April settlement week. Data clearly indicates closure of positions in the May series. At the same time, the April series roll spread is low at 24 points due to upcoming dividends of 36 points in next month. We expect fresh additions in the June series Nifty futures to keep the roll spread at higher levels. At the same time, the ongoing result season is likely to keep pressure on rollover activity while stock specific action is likely to be seen.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.