Technical Outlook for CNX Nifty
After the sluggish start, the February month was devoted to recovery as a result Nifty gained 3% on monthly basis and almost reached to the resistance barrier of 6300 mark. And, we have seen reversal of trend from this zone thrice in past so cautious bias would prevail in March month. However, a lot more depends how Banking and FMCG sector performs as other heavyweights like Auto, IT are trading at or near to their respective highs while Energy and Realty pivot are not showing any sign of major recovery.
The February expiry gained by 2.7% with steady gains throughout the month crossing the resistance levels of 6150 and closed near the months high. Total rollover of 81% (6m-avg 79%) and Nifty rollover was at 61% (6m-avg 62%). The March futures traded at a premium of 34-38 points between the two months.
The sectors witnessing strong roll overs are Banking, Metals and Telecom sectors while weak rollovers were in FMCG, Oil-Gas, and Power sectors. Among the individual stock with high roll overs were Mcdowell-N, JSW Steel, Tata Global, Rcom and JP Power while stocks like ZEE Ltd, Bata India, JSW Energy and BHEL had weak rollovers.