The Utter bearishness is evident from this roll over report

1. Derivative Report
India Research
Comments Nov 25, 2011
 The Nifty futures’ open interest decreased by 7.29% while Nifty Vs OI
Minifty futures’ open interest decreased by 4.78% as
market closed at 4756.45 levels.
 The Nifty Dec. future closed at a Premium of 25.15 point
against a Premium of 14.20 points. The January Series
closed at a Premium of 44.15 points.
 The Implied Volatility of at the money options is
decreased from 36.55% to 26.63%.
 The PCR-OI has increased from 0.86 points to 0.90
points.
 The total OI of the market is `1,50,363.62cr. and the
stock futures OI are `30,745.55cr.
 Few of the liquid counters where we have seen high cost
of carry are RUCHISOYA, GITANJALI, FSL, TTML and
GTOFFSHORE.
OI Gainers
View
OI PRICE
SCRIP OI CHANGE PRICE CHANGE  Despite of strong bounce back in yesterday’s market
(%) (%) FII’s continue to sell heavily in the cash market
segment; they were net sellers of worth `1636/- cr.
INDIAINFO 2576000 46.36 62.30 9.39 On Derivatives front FII’s rolled over less of their
BOSCHLTD 6875 41.03 6949.40 0.72 position in index futures as they were net sellers in
index futures and the open interest went down
MUNDRAPORT 8778000 36.18 117.70 -4.73 significantly, while in index options they were net
VIPIND 4645000 35.72 118.70 1.28 buyers.
INDIANB 409000 34.98 189.80 0.74  On options front deep out of the money put options
and at the money put options like Nifty 4200, 4500
OI Losers and 4700 strike price have seen descent buildup,
while in call options strikes ranging from 4700-5100
OI PRICE have seen maximum buildup.
SCRIP OI CHANGE PRICE CHANGE
 There are very few counters which have seen less
(%) (%)
rollover and they are – GAIL, BPCL, ITC,
GVKPIL 51112000 -18.27 10.45 1.95 INDUSINDBK and KOTAKBANK.
NHPC 46233000 -17.74 22.30 -0.67  IOC is starting December series on a very lighter
note. Also we have seen crude correction from higher
JSWISPAT 34127000 -15.63 10.10 0.50
levels. Counter has strong support around `255
KSOILS 26276000 -12.32 6.80 -0.73 levels. We suggest to go long with target of `284 and
stop loss of `251.
NTPC 16244000 -12.24 158.80 1.37
Put-Call Ratio Historical Volatility
SCRIP PCR-OI PCR-VOL SCRIP HV
NIFTY 0.90 1.00 SOUTHBANK 49.73
SBIN 0.22 0.51 BRFL 67.45
BANKNIFTY 0.54 0.63 RAYMOND 53.56
RELIANCE 0.28 0.50 IFCI 96.09
ICICIBANK 0.35 0.48 APOLLOTYRE 47.64
SEBI Registration No: INB 010996539 For Private Circulation Only 1

2. Derivative Report | India Research
FII Statistics for 24-Nov-2011 Turnover on 24-Nov-2011
Open Interest
No. of Turnover Change
Detail Buy Sell Net Instrument
Contracts (Rs. in cr.) (%)
Contracts Value Change
(Rs. in cr.) (%)
INDEX Index Futures 1229290 27262.41 -1.27
5220.00 5527.78 (307.78) 505845 11892.78 -42.31
FUTURES
INDEX Stock Futures 1426642 30135.07 15.90
22086.85 22007.00 79.85 1635014 38889.82 -26.47
OPTIONS
STOCK Index Options 8314054 198016.63 8.07
7533.00 7228.35 304.65 1124275 24631.92 -14.21
FUTURES
STOCK Stock Options 166185 3870.45 7.75
162.19 145.17 17.03 5975 137.63 -84.58
OPTIONS
Total 35002.04 34908.30 93.74 3271109 75552.14 -26.49 Total 11136171 259284.55 7.84
Nifty Spot =4756.45 Lot Size = 50
Bull-Call Spreads Bear-Put Spreads
Action Strike Price Risk Reward BEP Action Strike Price Risk Reward BEP
Buy 4800 141.65 Buy 4700 123.15
48.15 51.85 4848.15 31.95 68.05 4668.05
Sell 4900 93.50 Sell 4600 91.20
Buy 4800 141.65 Buy 4700 123.15
84.30 115.70 4884.30 56.25 143.75 4643.75
Sell 5000 57.35 Sell 4500 66.90
Buy 4900 93.50 Buy 4600 91.20
36.15 63.85 4936.15 24.30 75.70 4575.70
Sell 5000 57.35 Sell 4500 66.90
Note: Above mentioned Bullish or Bearish Spreads in Nifty (Dec. Series) are given as an information and not as a recommendation.
Nifty Put-Call Analysis
For Private Circulation Only SEBI Registration No: INB 010996539 2

3. Derivative Report | India Research
Strategy Date Scrip Strategy Status
31/10/2011 NIFTY Long Call Loss on Expiry
08/11/2011 MARUTI Long Put Profit on Expiry
14/11/2011 ICICIBANK Long Call Loss on Expiry
21/11/2011 TATASTEEL Long Put Loss on Expiry
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking or any of its affiliates/ group companies shall not be in any way responsible
for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel
Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor
make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).
Derivative Research Team
Email Id : - derivatives.desk@angelbroking.com
For Private Circulation Only SEBI Registration No: INB 010996539 3