CNBC-TV18's Head-Markets Research, Anuj Singhal - It’s been good times for traders with Nifty and individual stocks giving good returns over last few days. And the F&O data indicates how traders are already eying higher levels.

There has been a pattern to the F&O market over last 5 days marked by 3 trends.

First, Option activity has picked up. So much so, that majority of Open Int build-up has come from the options side and every day the bar has been raised higher. It all began with Nifty cruising above 4800 after Infosys guidance and you could see the equilibrium rising by 100 points every following day. So it was 4900 the next day and 5000 on Friday despite Nifty not going above that level. Even the 5100 Call has seen a lot of action

Second, Stock futures have added consistent Open Int. In fact, nearly 9 crore shares in 5 days.

And third, a clear churn among momentum stocks. So you would see a Nagarjuna Fertlisers adding huge Open Interest one day and shedding some of that the next day and the baton passing on to an Ispat. This tells you that while the traders are back trading stock futures, they know that some of these stocks may have sharp and short spurt and that’s why want to milk as much as they can and move on to different set of stocks

The Nifty rollover has been pretty strong at 34% and the May series will begin at much higher Open Interest levels than the abysmal note on which April began

Midcap banks were the flavour of Friday’s trade and it would be interesting to see how these stocks would react following the CRR hike. Midcap IT though has firmly established itself as the leader of the pack and I wont be surprised if that trend continues with Sasken now adding fire to the spark provided by Mastek

DISCLAIMER: The author is not allowed to trade in equity markets including Futures and Options. His only exposure to capital markets is via shares of TV18 and Network18 granted to him as ESOPs by the company and investments in some long-term mutual funds.