Varindar Bansal CNBC TV-18 Research Analyst : Since morning there is a low turnover, which is being noticed and more importantly it’s only the Nifty futures, which is in focus. If one looks at the volumes on the Nifty they constitute nearly 50% of the total F&O volume, which we have seen today in the trade. We have also seen the PCR which has come down from around 1.44 to 1.31 suggest that there has been call writing at around 4,800 levels, so this is a very important level for the market to watch down and also there has been huge profit booking which we have seen in banking, real estate and IT stocks.

But the first stock which is on the top of the radar is TCS and it is very important and if one sees the premium on most of these stocks, most of these largecaps, which suggest that there is huge selling pressure been seen in the cash market. On TCS one can see that it has added around 2 lakh shares and the volume is round Rs 46 crore but there is premium, which is always inching in the green territory of around 2 to 3.

There is a similar case with HDFC and the premium is around Rs 4-5, which suggest that there is cash selling which is happening in the stock which added nearly 1.5 lakh shares and turnover is around Rs 115 crore shares but this premium suggest that there is selling.

RNRL is one of the stock which has seen the biggest OI cut of around 12.5 lakh shares on the F&O and also the volumes are around Rs 200 crore and the spot prices to go in the stock is down nearly 5% in the F&O market.

JP Associates is one stock in which one have seen a clear one way rally from 200 to 250 to 240 but today there is a huge cut in the long positions, which we have seen in the last 3-4 days. There has been a bit of a discount in this market which suggest that there is unwinding of long positions seen in JP Associates with a turnover of Rs 170 crore and also an OI cut of around 1.5 lakh shares.