There was a complete mix in the F&O space

CNBC-TV18, Research Analyst, Anichya Shah :

3,900 seemed to a pretty important level. Actually, there was a complete mix in the F&O space. In the morning we saw significant amount of short buildup and some bit unwinding after yesterday’s long buildup. But at midday and towards the last half an hour of trade, some of those shorts were covered and again there was a bit of short covering, which we saw took the markets up wee bit. On the turnover front, we are slightly lower than yesterday’s turnover - clocking in at about Rs 50,000-52,000 crore versus yesterday’s Rs 60,000 crore.

On the Nifty, we saw the shorts return in today’s trading session again. So yesterday after closing at about 30 point discount, went at its peak of about 56-57 point discount but came down on account of a bit of short covering. Remember at its peak, it was adding about 45-46 lakh shares in OI. Bit of short covering towards the end did take it back to about 26-points and net-net we have ended the day at still a pretty steep discount.

Bank of India was up about 2% and the stock showed some bit of strength in the second half of the day with good OI buildup of 6.32 lakh shares - that about a 30% OI buildup from yesterday’s base.

Axis Bank on the other hand was down about 9.5%; saw about 3.13 lakh OI buildup with a bias towards the short side. The stock had a huge discount in stock - 26% was the OI buildup.

Huge OI buildup seen in IDFC as well with 21.59 lakh shares added with a stock having a significant discount. SAIL in the entire metal space looked extremely weak today. SAIL was down about 10% and saw about 27 lakh OI that is about 10%.

Neyveli Lignite and Polaris were two stocks that saw a huge unwinding pressure in today’s trading session. Both the stocks saw 10% OI cuts and went into a bit of discount and saw price sell off of about 7% each.