Towards the Budget announcement, underperforming stocks from sectors like capital goods, cement, auto and banking should start performing.
The Nifty futures have started the January series with one of the highest Open Interests (OI) seen last year. This open interest contains the short Nifty future positions, which are either formed speculatively or as hedged positions against the long portfolios before the upcoming event of Union Budget.
Roll spread in the December series expiry fell from 40 to sub 30 points, indicative of these short rollover of Nifty positions into the January series. These short positions should provide ignition for a further Nifty up move.
We believe if the Nifty starts sustaining above 10,500, some short closure may be seen in Nifty, which should extend upsides towards 10600.
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