RIL trades with highest tunvover at Rs 1000 cr

CNBC-TV18s research analyst, Anichya Shah has given F&O highlights.

The turnover is pretty low, currently at about Rs 15,000-17,000 crore. It is a pretty quiet day in the F&O space. 4700 call level has been seeing a fair bit of activity. About 11 lakh shares in OI have been built-up from a total OI base of about 24-lakhs, so this may act as a pretty strong resistance level going forward.

The traders seem to playing for some sort of a range in the Nifty futures. 4,650 is where a lot of the shorts built up over the last week or so, are booking profits and some fresh intraday longs have been initiated, which is why the discount has come down from about 24 points earlier in the day to about 8 points currently.

Reliance has been witnessing a lot of shorting in the last few trading sessions. Evidence of short covering is pretty visible, one can see only about 95,700-share buildup, but in terms turnover it is the highest, with about Rs 1,000 crore in turnover and it has inched into a bit of a premium. So some bit of short covering at 2,210-2,220 levels was evident in Reliance.

Power Grid has seen some bit of shorts continue but the bases has come down from about a 2-3 point discount in the last few trading session to about 1 point discount now, so some bit of reverse arbitrage positions could probably be in play here.

Bajaj Hindusthan, Shree Renuka from the sugar space has been seeing some bit of long buildup. The stock has added 2.3 lakh shares and is trading at a premium. GAIL has seen some bit of short buildup after yesterday’s long buildup, the stock is down a bit in the cash market.

SAIL continues so see a downtrend - shorts continue to get pilled on this counter. About 7 lakh shares have been added today and the stock is down about Rs 3 in the spot market.