Nifty Rollover at 71%, 4780 to be Key Support

Derivative traders carried their bearish bets to the September series as they anticipate the Nifty to remain under pressure owing to global concerns.
The rollover in Nifty contracts to the September series stood at 71%, in line with its three-month average. Market-wide rollovers remained higher at 78% compared to rollovers seen last expiry, largely on the short side. “I expect a pullback in the market post a month-on-month correction of 16% with 4780levels being a crucial support for the Nifty. The Nifty closed at 4839.60 levels, down 1% from its previous close while the Sensex at 16,146.33 levels, extending its losses for the second consecutive day. BankNifty also in key support level 9200,I  expect pullback up to 9900 in coming days.