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COVID impact on May series! Traders should refrain from carrying long positions

We witnessed a good amount of long rollovers seen in Dr. Lal Path Lab, Navin Fluorine, Pfizer, Cadila Healthcare, Bajaj Finserv, SRF, National Aluminium, Glenmark, Tata Steel, Deepak Nitrate, Hindalco, Aarti Inds, etc., says Purohit.

April 30, 2021 / 10:55 AM IST

The first derivative expiry of the financial year 2021-22 remained quite volatile as we witnessed sharp swings in either direction. The market started the April series with light positions and moved towards the 15000 mark in the first half of the series.

However, the Nifty failed to cross this psychological hurdle and nosedived sharply towards the 14150 zone. But, we witnessed decent buying interest from the lower levels, and as a result, the index rallied by more than 800 points in the last five sessions of the series.

Technically, the index is holding above 50-DEMA and gave a breakout from the Wedge pattern on the daily chart. Eventually, it concluded the April series around the 14,900 mark with gains of about 4 percent over the March series close.

We witnessed the formation of mixed positions in the April series, wherein longs were a bit higher than shorts. However, most of these positions are now out of the system as open interest has moved up marginally by 4.10% on a month-on-month basis.