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Aggressive rollover suggests Nifty will likely reach close to 19,000 in December expiry

Nifty is currently trading close to its all-time high levels of 18,604. Since Sensex has hit a fresh high, Nifty will also likely do the same, say analysts.

November 25, 2022 / 01:16 PM IST
Representative image

Representative image

Even as Nifty started the new series on a lukewarm note, technical analysts are estimating the index will inch closer to 19,000 level by the end of the series, and in the process climb to a new peak.

The Nifty and Nifty Bank have seen aggressive long rollovers from previous series to December series. This means traders who were bullish earlier have maintained their stance, rolling over their positions in the next month contract as well.

Rollovers for Nifty and Nifty Bank stood at 82 percent and 88 percent versus 76 percent and 82 percent, respectively, in the prior month. Foreign institutional investors (FIIs) remained net buyers on index futures but trimmed their stocks' futures positions.

“Going into December series, we will stick to our bullish stance…eyeing all-time highs. Our Nifty target for December series will be 18,900 with key support placed at 18,100,” said Sriram Velayudhan, an analyst at IIFL Securities.