Nifty futures witnessed a rollover of 70 per cent, much lower than the previous month rollover of 78 per cent and the three-month average of 75 per cent. Similarly, the Bank Nifty saw a sharp drop in rollover at 63 per cent as against the previous month rollover of 80 per cent and the three-month average roll of 81 per cent.

“Overall, we believe that the OI position is intact, but even after the market move, longs are not increasing, indicating some sort of consolidation or profit-booking decline before starting the next leg of the rally,” said Chandan Taparia, Derivatives and Technical Analyst, Motilal Oswal Financial Services.

“The medium-term trend could remain intact to bullish till it holds 10,550 zones. The Nifty index settled with a negative roll cost of (minus 0.16 per cent), he added.

Though the India VIX, the fear gauge, moved up 2.56 per cent to 24.72 level, on a month-on-month basis, it fell sharply at 29.12 level.

“Any spike in volatility could cause some decline, but overall, a lower VIX is ruling out major fall in the market for the time being,” Taparia said.

However, the Bank Nifty settled with a negative roll cost of -0.12%, indicating grip of shorts, he added.

Since it is the beginning of new series, option data is scattered at various strikes. The maximum put open interest is concentrated at 11,000 strike followed by 10,000 strike, while maximum call open interest is at 11,500 strike and 12,000 strike.

“We have seen marginal Call writing in 11,200 and 11,300 strike while Put writing is seen at 11,000, then 10,700 strike. Option data suggest a wider trading range between 10,700 and 11500 zones,” the Motiial Oswal analyst further said.

Among the individual contracts, Cummins India, Bandhan Bank, Asian Paints, Jindal Steel, Eicher Motors, Indigo and Adani Ports saw strong rollovers, while Vodafone Idea, Hindalco, Concor and PowerGrid witnessed low rollovers to August series.