Ranbaxy adds 28 lakh shares in open interest

By Anichya Shah, CNBC-TV18

It was a quite sort of a day in the F&O space with nothing much really happened. There was some bit of short covering in the Nifty. That was the most evident trend in the trading session. We have seen significant shorts being piled up in the May series. They were rolled over into the June series and likewise into the July series. But today was the first day and since Friday’s trade we have been seeing some evidence of short covering, which is why one is seeing net-net on a LTV basis, that’s a bit of premium. On a closing basis one may see a mild discount and that’s why one seeing net-net change in OI was not a whole lot. There has been short covering in today's trade net-net.

3700-3900 were levels where Put addition was seen throughout trading session, so that may act as some sort of a support. 4,000 was where we did see some unwinding in the morning and then there was a bit of a buildup and towards the day end, some bit of weakness persisted. We saw a bit of those Puts being unwound as well.

The stocks, which were in news, really took most of the trading cues. Axis Bank, whose results came out, saw pretty much a fair bit of two-way flows. That’s about a 50% OI buildup. The stock opened in the red; went into green post its results and then saw some shorting from up about 3.5% and ended the day pretty down about 4.5% down in the red.

Ranbaxy was in the news - the stock of the day - was down 10% with huge shorting seen on expected lines. 28 lakh shares were added there and the stock was down about Rs 56 in the spot market.

Both those IT stocks continue to take a beating - Infosys and Satyam. Satyam adding about 8.7 lakh shares - that’s about a 17-18% OI buildup. The stock was down about Rs 34 in the spot market. But a few of those really beaten down sectors were driven up by a fair bit of short covering.

From the big boys, Ambuja Cement shed about 2.8 lakh shares and was up a bit. Power stocks like Power Grid and NTPC were driven up by a bit of short covering and it was a day of the metals, so one saw some bit of long buildup in the likes of SAIL.