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Traders carried forward fewer positions to the June derivatives series as the outlook remains hazy amid rising interest rates, inflation and persistent selling by overseas investors, <a target="_blank" href="https://economictimes.indiatimes.com/markets/stocks/news/decline-in-fo-rollovers-hints-at-d-street-caution/articleshow/91823181.cms">ET Reported</a>.

The Rollover is the process of transferring from a front-month contract that is about to expire to another contract in a later month, — in other words carrying forward your future positions.

According to the data, about 78.86% of <a target="_blank" href="https://mintgenie.livemint.com/indices/details/NSI/nifty-50-I0002">Nifty</a> positions were carried forward by the end of the May derivatives series expiry on Thursday, lower than the three-month average of 79.2%.

Derivative analysts said 16,400 remains a strong hurdle for the Nifty in the June series.

The upside is capped in the Nifty as overseas investors are selling, volatility is higher and there is sustained call writing," said Chandan Taparia, derivative analyst at Motilal Oswal.

Momentum will also be capped as the IT sector is underperforming due to weakness in Nasdaq, said Taparia.

Pagaria of Edelweiss said 15,700 is strong support and on the upside once the Nifty touches 16,400-16,450 one should add fresh short positions at those levels.

Meanwhile, Indian equity benchmarks the Sensex and the Nifty ended in the green amid mixed global cues on May 26, snapping the losing run of the last three consecutive sessions even as worries over slowing economies and aggressive rate hikes persisted.

The Nifty gained 144.35 points, or 0.9%, to close at 16,170.15. The Sensex rose 503 points, or 0.94%, to close at 54,252.53. The Nifty fell 6.23% in the May derivatives series.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.

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