Alternative & Quantitative Research Jan 30, 2025

ROLLOVER ANALYSIS
Rollover’s Update: Expiry Day

Rollovers - SSF: 90%, Mkt Wide: 89%, NIFTY: 81%

FIIs are heavily short in futures and have liquidated in cash, while HNIs remain cautious. A bounce is likely;
prefer Private Banks and selective Industrials long, with the Midcap Index as a hedge | I.T. remains top short.
The start of 2025 saw a sharp sell-off in Indian equities, with January being a particularly challenging month. The
Realty Index was the hardest hit, down -16%, followed by the Nifty Smallcap Index, which dropped -12%, and the Nifty
Midcap Index, down -8%. These were the major underperformers for the month, as broader market sentiment turned
cautious. Mid and small-cap stocks, which were outliers in 2024, took the brunt of the selling pressure in January, as
valuation concerns and weakening investor appetite became more apparent.

Key factors driving the sell-off include:

1.Valuation Concerns: Mid and small-cap stocks faced selling due to stretched valuations after strong 2024 gains.

2.Underwhelming FY24Q3 Earnings: Underwhelming to mix corporate earnings for Q3 2024 triggered caution,
particularly in mid and small-cap stocks.

3.FII Selling Pressure: Super strong FII outflows with minimum participation from HNI segment put pressure on Indian
equities.

4.HNI Risk Aversion: HNIs shifted away from mid and small-caps, and seemed to be booking strong profits accumulated
over many years.

Despite the broad market weakness, Private Bank Index (-2%), Nifty Index (-2%), Auto Index (-2%), and FMCG Index (-
1%) were relatively more resilient, benefiting from strong domestic institutional inflows (DIIs). These sectors were seen
as more defensive and well-positioned to weather the downturn.

The correction in January was a reality check for market participants, signalling that the exuberance of 2024 was met
with headwinds at the start of 2025. While domestic flows have helped stabilize some section of the market.

FIIs were sellers to the tune of USD 8.6 Bn, while DIIs continued to support the market with a deployment of $9.7 Bn.

In January series, all sectoral indices settled in the red, Realty Index (down 16.1%), Media Index (down 15.2%), Energy
Index (down 6.1%), PSU Bank Index (down 6%), Metals Index (down 5.7%), Pharma Index (down 5.7%), IT Index (down
2.8%), Financial Services Index (down 2.6%), Private Bank Index (down 2.2%), Auto Index (down 1.7%) and FMCG Index
(down 1.2%).

a) Outlook for February 2025 Series

Indian equities are currently oversold, largely driven by a broad market sell-off. FII positioning is heavily skewed towards
the short side, with 89% shorts and only 11% longs. Historically, short covering can lead to a 2-3% immediate rally, which
is expected to positively impact FII-heavy sectors, particularly Private Financials. Given their attractive valuations,
domestic flows are also favouring this sector. Nifty Index should ideally head till 23,750 levels.

Our top picks on the long side are Axis Bank, HDFC Bank, and Kotak Bank, while IIB can be used as a hedge, alongside
other fundamentally weak banks. We also see potential in Industrials and related stocks like Polycab, Siemens, and
Havells. Also auto names like – Hero M Long and Eicher can be a relative short. Also we find IT Sector as top Short bet.

In terms of Nifty 50 potential entrants, Zomato and Jio Financials are worth considering for long trades with a 5% stop
loss, as these stocks are heavily beaten down and have low ownership from a pre-positioning standpoint. However, we
remain cautious on the SMID (Small & Midcap) space, as it will likely remain a market under-performer unless there's
stronger participation from HNIs.
Abhilash Pagaria
Abhilash.Pagaria@nuvama.com
Head – Nuvama Alt & Quant Research

Nuvama Research is also available on research.nuvama.com, Bloomberg - NUVA, Thomson Reuters, and Factset Nuvama Wealth Management
ROLLOVER ANALYSIS
b) Rollovers |Nifty OI base has increased significantly | Mkt wide OI has also increased
Nifty futures rollovers stood at 81% vs 77% (last three series). Alongside, Nifty futures will start the February series at higher OI
Base of INR 421bn (~18.1mn shares) vs. OI of INR 287bn (~12.1mn shares) seen at the start of January series. On Expiry Day, the
roll cost for Nifty was at around 67 bps which was close to the previous day’s 66 bps.
Market-wide futures open interest at the start of February series stands at ~INR 4.64tn as compared to ~ INR 4.441tn at the start
of January series. Market-wide rollovers is at 89%, in line with the 3M avg. of 89%.

Stock futures rollovers stands at 90%, lower than the average rollovers of last three series at 92%. Most frontline names saw their
roll cost hovering around 55 bps with average increase in roll cost across names being 1-2 bps DoD.

c) Rollover action- Sector Specific:

At the start of February series meaningful OI Addition is seen in Financial Services (INR 372bn| Short Side), IT (INR
303bn| Short Side) and Chemicals (INR 95bn| Short Side).

d) How Nuvama Alternative & Quantitative Research Team’s January series view played out… <Report Link>

In our previous note, we had highlighted that Nifty was a sell on rally and that there was no scope for a bullish undertone, and this
view played out accordingly. We were bearish on the IT sector, which saw a decline of about 3%. At the same time, we were bullish
on Zomato, but this view unravelled following its earnings release and the broader market sell-off.

e) Participant wise Positioning | Refer page 6

FIIs: Have significantly added Index Shorts while they added SSF Longs a) Index –Their net shorts stood at 173k contracts vs 155k
short contracts (at the start of Jan series). b) SSF - Their net longs stood at 1,151k contracts vs 1,073k net Long contracts (at start
of Jan series).

Clients: The Client category (HNI & Retail) has reduced longs in Index while reducing SSF longs a) Index –Their net longs stood at
149k contracts vs 230k long contracts (at the start of Jan series). b) SSF - Their net longs stood at 2,214k contracts vs 2,274k net
long contracts (at start of Jan series).

Observation: FIIs continue to add shorts in Index while they add longs in SSF, Clients on the other hand have turned cautions as
they reduce their longs in both Index and SSF.

The Below Thoughts are in discussion with our Derivative Trading Team:

A broad based recovery is unlikely but stock specific buying action may be seen in Feb series which was almost non-
existent in Jan series. Sectors like Banking may see buying on declines while Tech may see short on rise.

Sectors Specific:

Longs: Autos, Consumer and Banks

Shorts: Tech and Pharma

Stock specific:

Longs: HDFC, SRF, NFL

Shorts: INFY

Rollover % above 3M avg: TTAN, HDFCB, TATAC, NEST, SBILI, JSTL, HCLT, SHFL, TCS, BPCL, CIPLA

Rollover % below 3M avg: PWGR, BHE, HMCL, APHS, BJFIN, DRRD, ONGC, TATA, KMB

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ROLLOVER ANALYSIS
f) Nuvama Alt Long- Short (LS) Momentum Portfolio | <Detailed Thesis>
The Nuvama L-S Momentum Portfolio’s thesis revolves around various factors driving the market in different scenarios and tries to
capture factors driving the current momentum. We believe that markets follow a typical investment style or pattern at different
intervals, which is mirrored by certain factors. The analysis provides market participants with an understanding of the factors that
are currently working in prevailing market conditions to enhance portfolio performance. The analysis outlines a host of long–short
stocks drawn based on these factors.

The January series was yet another volatile series and Nuvama Alt Long Short basket settled with loss of ~3.9% gross and 2% net.

g) Key Sectoral Rolls (Price/Open Interest) | Stocks are selected from Nifty 50 universe

Industrials: BSE Industrials Index declined by 10.81% in Jan Expiry. Short Build Up was seen in ADANIPORTS (-13.4%/29.8%) & LT
(-5.7%/10.5%).

Energy: NSE Energy Index declined by 6.07% in Jan Expiry. Short Build Up was seen in BPCL (-13.0%/21.6%). Profit Booking was
seen in NTPC (-3.5%/-12.9%) & POWERGRID (-4.8%/-8.9%).

Public Sector Banks: NSE PSBK Index declined by 6% in Jan Expiry. Short Build Up was seen in SBIN (-6.1%/12.1%).

Pharma: NSE Pharma Index declined by 5.69% in Jan Expiry. Short Build Up was seen in APOLLOHOSP (-6.0%/6.0%) & CIPLA (-
2.2%/4.4%). Profit Booking was seen in DIVISLAB (-2.6%/-23.2%), DRREDDY (-11.9%/-16.4%) &SUNPHARMA (-5.6%/-14.9%).

Metal: NSE Metal Index corrected by 5.74% in Jan Expiry. Short Build Up was seen in COALINDIA (-0.4%/2.6%), HINDALCO (-
6.5%/30.6%) & TATASTEEL (-6.6%/1.0%).

Banking: BANKNIFTY corrected by 3.63% in Jan Expiry. Short Build Up was seen in AXISBANK (-8.5%/44.7%), HDFCBANK (-
5.5%/19.8%) & ICICIBANK (-3.2%/34.1%).

Cement & Infra: NSE Cement & Infra Index declined by 3.54% in Jan Expiry.

IT: NSE IT Index corrected by 2.83% in Jan Expiry. Short Build Up was seen in HCLTECH (-9.9%/73.0%), TCS (-1.7%/22.1%) & TECHM
(-1.7%/30.8%). Profit Booking was seen in INFY (-2.5%/-9.6%).

Financial Services: NSEFIN Index declined by 2.57% in Jan Expiry. Short Build Up was seen in SHRIRAMFIN (-8.0%/445.7%).

Auto: NSE Auto Index corrected by 1.66% in Jan Expiry. Short Build Up was seen in BAJAJ-AUTO (-1.5%/8.3%). Profit Booking was
seen in HEROMOTOCO (-2.3%/-11.7%), M&M (-0.1%/-1.0%) & TATAMOTORS (-5.9%/-9.9%).

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ROLLOVER ANALYSIS
FMCG: NSE FMCG Index corrected by 1.24% in Jan Expiry. Short Build Up was seen in ASIANPAINT (-0.6%/0.3%). Profit Booking
was seen in ITC (-3.3%/-30.3%).

h) Market-wide OI (value terms) is INR 4,640bn vs INR 4,441bn, while Nifty OI (value terms) is INR 421bn vs INR 287bn.

Marketwide Futures OI Nifty Futures OI Nifty (LHS)

28,000 6000
26,000 4,640
5000
24,000

OI in Value (in INR Bn)

22,000
4000
20,000
18,000 3000
16,000
2000
14,000
12,000
421 1000
10,000
8,000 0
Jun-24

Oct-24
Jul-24

Jan-25
Aug-24

Nov-24
Feb-24

Mar-24

Sep-24
May-24

Dec-24
Apr-24

Source: Nuvama Alternative & Quantitative Research; NSE

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ROLLOVER ANALYSIS
Sector-wise OI Trends
At the start of February series meaningful OI Addition is seen in Financial Services (INR 372bn| Short Side), IT (INR 303bn| Short
Side) and Chemicals (INR 95bn| Short Side).

Short Build Up: Financial Services (-2.57% \ 1.2%), IT (-2.83% \ 8.9%), Chemicals (-2.84% \ 1%), Infra (-3.54% \ 0.1%), Banks (-
3.63% \ 15.6%), Consumption (-3.64% \ 8.4%), Capital Goods (-9.43% \ 4.7%),
Long Unwinding: FMCG (-1.24% \ -3.7%), Auto (-1.66% \ -0.1%), Telecom (-3.93% \ -1.2%), Oil & Gas (-4.63% \ -9.8%), Pharma (-
5.69% \ -12.9%), Metal (-5.74% \ -2.7%), Energy (-6.07% \ -11.5%), Consumer Durables (-12.39% \ -25.8%), Media (-15.19% \ -
30%), Realty (-16.1% \ -15%),

Auto Banking
28,000 500 54,000 1100
52,000 967
26,000 450 1000
50,000 900
24,000 374 400 48,000 800
22,000 46,000
350 700
20,000 44,000
300 600
18,000 42,000
250 40,000 500
16,000 400
200 38,000
14,000 300
36,000
12,000 150 34,000 200
10,000 100 32,000 100
Aug-24

Nov-24

Aug-24

Nov-24
Jun-24

Oct-24

Jan-25

Jun-24

Oct-24

Jan-25
Jan-24

Jul-24

Jan-24

Jul-24
Feb-24

Mar-24

Sep-24

Dec-24

Feb-24

Mar-24

Sep-24

Dec-24
Dec-23

May-24

Dec-23

May-24
Apr-24

Apr-24
OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Capital Goods Chemicals

76,000 380 9,800 120
72,000 9,400 110
68,000 330 9,000
64,000 95 100
280 8,600
60,000 8,200 90
56,000 224
230 7,800 80
52,000 7,400
48,000 180 70
44,000 7,000
40,000 6,600 60
130 6,200
36,000 50
32,000 80 5,800
28,000 5,400 40
24,000 30 5,000 30
Jun-24
Jun-24

Oct-24

Jan-25

Oct-24
Jan-24

Nov-24

Jan-24

Jul-24

Jan-25
Jul-24

Aug-24

Aug-24

Nov-24
Feb-24

Mar-24

Sep-24

Feb-24

Mar-24
Dec-24

Sep-24
Dec-23

Dec-23

May-24

Dec-24
May-24

Apr-24
Apr-24

OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Consumer Durables Consumption

67,000 85 12,400 92 110
12,000
62,000 75 11,600 100
11,200 90
57,000 53 65 10,800
10,400 80
55 10,000
52,000 9,600 70
45 9,200
47,000 60
35 8,800
8,400 50
42,000 25 8,000
7,600 40
37,000 15 7,200 30
6,800
32,000 5 6,400 20
Jun-24

Oct-24

Jun-24

Oct-24
Mar-24

Nov-24

Jan-25

Mar-24

Nov-24

Jan-25
Jan-24

Jul-24

Aug-24

Jan-24

Jul-24

Aug-24
Feb-24

Sep-24

Feb-24

Sep-24
Dec-24

Dec-24
Dec-23

May-24

Dec-23

May-24
Apr-24

Apr-24

OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Energy Financial Services

46,000 165 25,000 490
44,000 24,000
42,000 145 440
40,000 23,000
125 372 390
38,000 98 22,000
36,000 105 21,000
34,000 340
32,000 85 20,000
19,000 290
30,000 65
28,000 18,000 240
26,000 45
17,000
24,000 25 190
22,000 16,000
20,000 5 15,000 140
Jun-24

Oct-24

Jan-25

Jun-24

Oct-24

Jan-25
Jan-24

Jul-24

Nov-24

Jan-24

Jul-24

Nov-24
Aug-24

Aug-24
May-24

May-24
Feb-24

Mar-24

Sep-24

Dec-24

Feb-24

Mar-24

Sep-24

Dec-24
Dec-23

Dec-23
Apr-24

Apr-24

OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Nuvama Research is also available on research.nuvama.com, Bloomberg - NUVA, Thomson Reuters, and Factset Nuvama Wealth Management 5
ROLLOVER ANALYSIS
FMCG Infra
65,000 340 10,000 280
61,000 9,500 260
290 9,000 217
57,000 262 240
8,500
8,000 220
53,000 240
7,500 200
49,000
7,000 180
45,000 190 6,500 160
41,000 6,000
140 140
5,500
37,000 5,000 120
33,000 Jun-24 90 4,500 100

Oct-24

Jun-24

Oct-24
Jan-25
Jan-24

Jul-24

Jan-24

Jul-24

Nov-24

Jan-25
Aug-24

Nov-24

Aug-24
Dec-23

Feb-24

Mar-24

Sep-24

Dec-24

Feb-24

Mar-24

Sep-24
May-24

Dec-23

May-24

Dec-24
Apr-24

Apr-24
OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

IT Media
45,000 400 2,600 45
43,000 40
41,000 350 2,400
303 35
39,000 300 2,200 30
37,000
25
35,000 250 2,000
20
33,000
31,000 200 1,800 15
29,000 7 10
150 1,600
27,000 5
25,000 100 1,400
Jun-24

Oct-24

Jun-24

Oct-24
Jan-25
Jan-24

Jul-24

Aug-24

Nov-24

Jan-24

Jul-24

Aug-24

Nov-24

Jan-25
Dec-23

Feb-24

Mar-24

Sep-24

Dec-24

Feb-24

Mar-24

May-24

Sep-24
May-24

Dec-23

Dec-24
Apr-24
Apr-24

OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Metal Oil & Gas

10,500 375 34,000 450
32,000 400
9,500 325 365
260 30,000
350
8,500 275 28,000
26,000 300
7,500 225
24,000 250
6,500 175 22,000
200
20,000
5,500 125 150
18,000
4,500 75 16,000 100
Jun-24

Oct-24

Jun-24

Oct-24
Dec-23

Nov-24
Jan-24

Jul-24

Aug-24

Nov-24

Dec-24

Jan-25

Dec-23

Jan-24

Jul-24

Aug-24

Dec-24

Jan-25
Feb-24

Mar-24

Sep-24

Feb-24

Mar-24

Sep-24
May-24

May-24
Apr-24

Apr-24

OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Pharma Realty
280 1,150 70
23,500
260 1,070
57 60
21,500 240 990
220 910 50
19,500 195
200 830
17,500 180 750 40
160 670
15,500 140 590 30
120 510 20
13,500
100 430
11,500 80 350 10
Jun-24

Oct-24

Jan-25

Jun-24

Oct-24
Jan-24

Jul-24

Jan-24

Jul-24

Jan-25
Aug-24

Nov-24

Aug-24

Nov-24
Feb-24

Mar-24
Dec-23

Feb-24

Mar-24

Sep-24

Dec-24

Sep-24
Dec-23

May-24

Dec-24
May-24

Apr-24
Apr-24

OI in Value (in INR bn) - RHS OI in Value (in INR bn) - RHS
OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

Telecom Index
3,400 210
3,200 190
3,000 142 170
2,800 150
2,600
130
2,400
110
2,200
2,000 90
1,800 70
1,600 50
1,400 30
Jun-24

Jul-24

Aug-24

Oct-24
Jan-24

Nov-24

Jan-25
Feb-24

Mar-24

May-24

Sep-24
Dec-23

Dec-24
Apr-24

OI in Value (in INR bn) - RHS

OI Value Price (LHS) Source: Nuvama Alternative & Quant Research; Bloomberg; NSE

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ROLLOVER ANALYSIS
New
Participant-wise Positioning (USD mn) Feature

Index Futures Net Stock Futures Net

Date Nifty
FII Client Prop. DII FII Client Prop. DII
31 Aug 23 19,252 20 39 186 (244) (1,390) 13,242 2,769 (14,621)
28 Sep 23 19,523 (733) 771 243 (282) (1,461) 14,692 2,832 (16,064)
26 Oct 23 18,857 (1,809) 1,584 196 28 (1,305) 14,159 2,793 (15,647)
30 Nov 23 20,129 (771) 213 307 252 678 14,893 2,793 (18,363)
28 Dec 23 21,775 1,180 (953) (454) 226 3,799 13,903 2,490 (20,192)
25 Jan 24 21,325 (1,436) 1,287 604 (454) 1,113 17,015 3,218 (21,346)
29 Feb 24 21,957 (782) 1,055 98 (371) 799 17,614 3,704 (22,116)
28 Mar 24 22,342 (306) 595 (170) (119) 4,787 16,101 2,988 (23,876)
25 Apr 24 22,584 (803) 1,060 (59) (198) 3,493 18,195 3,066 (24,754)
30 May 24 22,483 (2,780) 2,764 25 (10) 4,101 19,360 3,566 (27,027)
27 Jun 24 24,038 2,987 (2,274) (194) (519) 6,179 18,659 3,357 (28,195)
25 Jul 24 24,405 559 79 66 (704) 6,698 18,687 3,355 (28,741)
29 Aug 24 25,170 1,994 (1,151) (311) (533) 6,254 19,984 4,357 (30,595)
26 Sep 24 26,227 3,135 (2,211) (414) (510) 9,217 18,362 3,040 (30,620)
31 Oct 24 24,203 (1,501) 2,088 (275) (312) 9,317 19,018 3,811 (32,146)
28 Nov 24 23,904 (1,182) 1,762 (340) (240) 9,151 17,328 3,419 (29,898)
26 Dec 24 23,749 (1,498) 2,224 (404) (322) 8,550 18,116 3,638 (30,303)
30 Jan 25 23,235 (3,813) 3,290 109 414 8,524 16,388 3,663 (28,574)

Index Futures (Expiry to Expiry)

1) FII Category: They are net short by USD 3,813 mn vs net short position of USD 1,498 mn on the previous expiry.

2) Client Category: They are net long by USD 3,290 mn vs net long position of USD 2,224 mn on the previous expiry.

Stock Futures (Expiry to Expiry)

1) FII Category: They are net long by USD 8,524 mn vs net long position of USD 8,550 mn on the previous expiry.

2) Client Category: They are net long by USD 16,388 mn vs net long position of USD 18,116 mn on the previous expiry.

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ROLLOVER ANALYSIS

New
Institutional Flows and Average India Turnover (USD mn) Feature

Daily Flows Secondary Flows Avg. Turn.

Ins
Date Nifty FII FII (Prov.) DII MF India Turn
(DII-MF)
01 Jan 25 23,743 (72) (208) 197 167 31 8,292
02 Jan 25 24,189 193 176 3 (29) 32 12,258
03 Jan 25 24,005 (335) (493) 96 (70) 166 13,112
06 Jan 25 23,616 (359) (300) 670 499 171 13,122
07 Jan 25 23,708 (142) (174) 188 (9) 197 11,656
08 Jan 25 23,689 (435) (392) 316 188 128 11,742
09 Jan 25 23,527 (820) (835) 890 594 296 10,921
10 Jan 25 23,432 (251) (262) 461 485 (25) 11,548
13 Jan 25 23,086 (501) (565) 932 782 150 12,942
14 Jan 25 23,176 (901) (939) 912 537 375 12,667
15 Jan 25 23,213 (523) (525) 426 288 138 11,367
16 Jan 25 23,312 (510) (502) 338 216 122 11,642
17 Jan 25 23,203 (437) (383) 297 283 14 10,516
20 Jan 25 23,345 (431) (501) 499 363 136 11,218
21 Jan 25 23,025 (736) (684) 404 194 210 12,227
22 Jan 25 23,155 (465) (466) 422 326 96 11,830
23 Jan 25 23,205 (371) (632) 429 300 130 11,325
24 Jan 25 23,092 (335) (320) 279 189 89 10,721
27 Jan 25 22,829 (523) (581) 769 543 226 11,672
28 Jan 25 22,957 (479) (569) 787 624 163 14,086
29 Jan 25 23,163 (210) (299) 207 207 11,165
30 Jan 25 23,250 (529) 250 250 12,610

Monthly Flows Secondary Flows Avg. Turn.

Ins
Month Nifty FII FII (Prov.) DII MF India Turn
(DII-MF)
Apr 24 22,327 (2,785) (4,278) 5,299 3,936 1,363 13,555
May 24 22,605 (3,640) (5,057) 6,681 5,715 967 14,405
Jun 24 22,531 2,896 249 3,431 3,514 (82) 19,847
Jul 24 24,011 2,560 650 2,806 2,449 358 17,890
Aug 24 24,951 (156) (2,546) 5,754 3,773 1,981 16,129
Sep 24 25,236 4,246 1,840 3,802 3,377 425 16,069
Oct 24 25,811 (13,108) (13,622) 12,766 10,583 2,183 13,634
Nov 24 24,205 1,325 (5,446) 5,270 2,580 2,690 12,660
Dec 24 24,131 (567) (1,986) 4,014 2,373 1,642 12,984
Jan 25 23,645 (8,643) (9,982) 9,773 5,933 3,841 11,696

Quarterly Flows Secondary Avg. Turn.

Ins
Quarter Nifty FII FII (Prov.) DII MF India Turn
(DII-MF)
Q3FY2024 21,731 3,957 621 6,648 6,413 (21) 10,553
Q4FY2024 22,327 (287) (5,782) 13,148 8,841 (1,345) 14,357
Q1FY2025 24,011 (3,528) (9,085) 15,412 13,165 235 15,742
Q2FY2025 25,811 6,650 (56) 12,362 9,599 4,307 16,511
Q3FY2025 23,645 (12,350) (21,054) 22,051 15,536 2,247 13,115
Q4FY2025 23,250 (8,643) (9,982) 9,773 5,933 2,345 11,696

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ROLLOVER ANALYSIS
Expiry Day Rollovers (OI '000 shares)
Mid/Total
Bloom Mid/Total Total OI Mid OI *Roll Cost Roll Cost
Instrument Sector Previous
Ticker Current Expiry 30-Jan-25 30-Jan-25 23-Jan-25 30-Jan-25
Expiry
BANKNIFTY Index NSEBANK 60% 3,691 2,030 68% 0.58% 0.67%
NIFTY Index NIFTY 81% 22,420 17,296 78% 0.56% 0.73%
AARTIIND Chemicals ARTO 94% 17,186 15,481 89% 0.61% 0.70%
ABB Capital Goods ABB 96% 2,541 2,390 91% 0.44% 0.63%
ABBOTINDIA Pharma BOOT 93% 64 60 92% 0.55% 0.28%
ABCAPITAL Financial Services ABCAP 91% 78,759 70,851 95% 0.57% 0.68%
ABFRL FMCG ABFRL 97% 57,075 54,504 96% 0.30% 0.58%
ACC Infra ACC 90% 4,738 4,166 82% 0.54% 0.44%
ADANIENSOL Power ADANIENS 87% 7,649 6,508 91% 0.52% 0.59%
ADANIENT Metal ADE 91% 18,582 16,701 91% 0.60% 0.55%
ADANIGREEN Power ADANIGR 93% 10,128 9,171 83% -0.41% 0.12%
ADANIPORTS Infra ADSEZ 95% 37,151 34,772 94% 0.57% 0.65%
ALKEM Pharma ALKEM 89% 1,086 964 84% -0.52% -0.49%
AMBUJACEM Infra ACEM 93% 38,741 35,689 94% 0.58% 0.51%
ANGELONE Financial Services ANGELONE 89% 3,454 2,970 84% -1.37% -5.10%
APLAPOLLO Metals APAT 92% 3,763 3,448 84% 0.55% 0.66%
APOLLOHOSP Pharma APHS 92% 1,855 1,690 93% 0.58% 0.47%
APOLLOTYRE Auto APTY 70% 14,249 9,639 80% -1.88% 0.35%
ASHOKLEY Auto AL 90% 57,023 49,930 86% -0.20% 0.55%
ASIANPAINT Consumption APNT 95% 15,595 14,251 94% 0.48% 0.59%
ASTRAL Capital Goods ASTRAL 93% 6,069 5,499 97% 0.53% 0.51%
ATGL Oil & Gas ATGL 88% 4,666 3,909 77% -3.43% -6.38%
ATUL Chemicals ATLP 96% 616 594 86% 0.55% 0.55%
AUBANK Bank AUBANK 91% 34,084 30,069 93% -1.22% -4.01%
AUROPHARMA Pharma ARBP 93% 12,783 11,783 94% 0.52% 0.60%
AXISBANK Bank AXSB 83% 1,34,085 1,10,048 97% 0.48% 0.58%
BAJAJ-AUTO Auto BJAUT 89% 3,679 3,260 95% 0.55% 0.57%
BAJAJFINSV Financial Services BJFIN 77% 19,533 14,910 91% 0.58% 0.52%
BAJFINANCE Financial Services BAF 91% 9,401 8,428 97% 0.61% 0.52%
BALKRISIND Auto BIL 94% 1,824 1,714 96% 0.39% 0.56%
BANDHANBNK Bank BANDHAN 94% 95,264 85,498 93% -0.12% 0.63%
BANKBARODA Bank BOB 93% 1,68,986 1,54,689 96% 0.59% 0.63%
BANKINDIA Bank BOI 79% 57,910 44,448 58% 0.05% 0.67%
BATAINDIA Consumption BATA 93% 2,801 2,602 91% -0.82% 0.36%
BEL Capital Goods BHE 90% 1,22,160 1,05,174 94% 0.58% 0.45%
BERGEPAINT Consumption BRGR 61% 11,257 6,584 93% 0.24% -0.23%
BHARATFORG Auto BHFC 96% 12,338 11,724 94% 0.50% 0.66%
BHARTIARTL Telecom BHARTI 96% 44,222 42,569 98% 0.60% 0.50%
BHEL Capital Goods BHEL 95% 93,636 85,675 95% 0.45% 0.43%
BIOCON Pharma BIOS 93% 28,048 25,445 92% 0.57% 0.62%
BOSCHLTD Auto BOS 94% 345 320 92% 0.09% 0.67%
BPCL Oil & Gas BPCL 93% 74,021 67,761 97% 0.56% 0.39%
BRITANNIA FMCG BRIT 88% 3,417 2,969 93% 0.47% 0.09%
BSE Financial Services BSE 91% 3,043 2,735 88% 0.20% 0.64%
BSOFT IT BSOFT 90% 11,511 10,049 87% 0.49% 0.51%
CAMS Financial Services CAMS 91% 1,268 1,104 91% -0.27% 0.11%
CANBK Bank CBK 93% 3,31,607 3,00,213 94% 0.62% 0.61%
CANFINHOME Financial Services CANF 67% 7,697 5,155 79% -0.16% 0.70%
CDSL Financial Services CDSL 87% 7,882 6,596 92% 0.46% 0.61%
CESC Power CESC 88% 27,273 23,947 82% 0.46% 0.61%
CGPOWER Cap Goods CGPOWER 86% 10,444 8,875 84% 0.56% 0.67%
CHAMBLFERT Chemicals CHMB 89% 7,486 6,449 90% 0.42% 0.45%
CHOLAFIN Financial Services CIFC 94% 10,565 9,841 95% 0.48% 0.52%
CIPLA Pharma CIPLA 97% 14,074 13,572 92% 0.56% 0.61%
COALINDIA Oil & Gas COAL 94% 61,083 56,198 87% -0.51% -0.90%
COFORGE IT COFORGE 86% 3,308 2,825 88% -0.02% 0.49%
COLPAL FMCG CLGT 93% 4,282 3,934 93% 0.35% 0.63%
Sorted on alphabetical order of company name Source: NSE; Nuvama Alternative & Quantitative Research

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ROLLOVER ANALYSIS
Expiry Day Rollovers (OI '000 shares)
Mid/Total
Bloom Mid/Total Total OI Mid OI *Roll Cost Roll Cost
Instrument Sector Previous
ticker Current Expiry 30-Jan-25 30-Jan-25 23-Jan-25 30-Jan-25
Expiry
CONCOR Infra CCRI 95% 17,406 16,153 91% 0.00% 0.16%
COROMANDEL Chemicals CRIN 94% 3,221 3,031 66% -0.01% 0.25%
CROMPTON Consumer Durables CROMPTON 97% 25,713 24,790 94% 0.55% 0.76%
CUB Bank CUBK 87% 33,500 29,170 90% 0.54% 0.06%
CUMMINSIND Capital Goods KKC 94% 4,229 3,939 94% -0.06% 0.07%
CYIENT IT CYL 74% 3,023 2,191 85% -1.04% 0.12%
DABUR FMCG DABUR 93% 20,099 18,180 94% 0.55% 0.73%
DALBHARAT Infra DALBHARA 69% 4,412 3,003 86% -0.18% -1.48%
DEEPAKNTR Chemicals DN 89% 1,878 1,607 80% 0.17% 0.57%
DELHIVERY Shipping & Logistic DELHIVER 92% 9,124 8,095 91% -2.18% -1.83%
DIVISLAB Pharma DIVI 91% 2,715 2,438 91% 0.48% 0.37%
DIXON Consumer Durables DIXON 82% 1,436 1,141 85% 0.33% 0.54%
DLF Realty DLFU 92% 39,182 35,565 96% 0.60% 0.56%
DMART Consumer DMART 91% 3,913 3,545 86% 0.48% 0.52%
DRREDDY Pharma DRRD 82% 12,130 9,855 86% 0.39% 0.66%
EICHERMOT Auto EIM 90% 3,680 3,308 95% 0.61% 0.46%
ESCORTS Auto ESC 81% 1,051 849 85% 0.41% 0.42%
EXIDEIND Auto EXID 90% 31,523 27,101 89% 0.53% 0.42%
FEDERALBNK Bank FB 88% 1,14,140 98,520 92% 0.60% 0.62%
GAIL Oil & Gas GAIL 96% 1,27,777 1,21,182 95% 0.46% 0.44%
GLENMARK Pharma GNP 90% 2,909 2,575 85% 0.50% 0.52%
GMRAIRPORT Infra GMRAIRPO 93% 2,68,223 2,42,876 92% 0.57% 0.69%
GNFC Chemicals GNFC 95% 5,574 5,277 90% 0.53% 0.60%
GODREJCP FMCG GCPL 96% 12,616 12,004 94% 0.18% 0.29%
GODREJPROP Realty GPL 96% 6,741 6,441 86% 0.51% 0.68%
GRANULES Pharma GRAN 89% 16,630 14,716 91% 0.48% 0.72%
GRASIM Infra GRASIM 91% 12,562 11,403 97% 0.63% 0.56%
GUJGASLTD Oil & Gas GUJGA 87% 6,040 5,260 81% 0.16% 0.65%
HAL Capital Goods HNAL 86% 11,200 8,909 93% 0.43% 0.28%
HAVELLS Consumer Durables HAVL 94% 6,708 6,253 86% 0.53% 0.40%
HCLTECH IT HCLT 95% 20,427 19,374 86% 0.55% 0.62%
HDFCAMC Financial Services HDFCAMC 96% 2,975 2,838 97% 0.56% 0.63%
HDFCBANK Bank HDFCB 96% 1,52,309 1,44,641 97% 0.60% 0.58%
HDFCLIFE Financial Services HDFCLIFE 94% 28,028 26,219 90% 0.60% 0.43%
HEROMOTOCO Auto HMCL 78% 7,412 5,697 92% 0.27% 0.07%
HFCL Telecom HMFC 90% 41,944 37,089 91% 0.33% 0.54%
HINDALCO Metal HNDL 94% 56,645 52,676 94% 0.58% 0.40%
HINDCOPPER Metal HCP 93% 40,532 37,339 96% 0.57% 0.63%
HINDPETRO Oil & Gas HPCL 91% 42,760 38,135 85% 0.37% 0.48%
HINDUNILVR FMCG HUVR 84% 15,193 12,454 94% 0.62% 0.66%
HUDCO Financial Services HUDCO 92% 17,348 15,455 91% 0.28% 0.52%
ICICIBANK Bank ICICIBC 97% 1,15,937 1,11,670 98% 0.57% 0.54%
ICICIGI Financial Services ICICIGI 93% 6,161 5,722 98% 0.52% 0.45%
ICICIPRULI Financial Services IPRU 91% 12,218 11,128 96% 0.41% 0.40%
IDEA Telecom IDEA 96% 34,90,080 32,40,960 96% 0.74% 0.78%
IDFCFIRSTB Bank IDFCFB 94% 4,83,203 4,34,550 94% 0.25% 0.62%
IEX Energy IEX 91% 40,811 36,420 93% 0.08% -0.48%
IGL Oil & Gas IGL 88% 16,346 13,651 70% -2.05% -0.03%
INDHOTEL Consumption IH 93% 19,111 17,650 96% 0.63% 0.68%
INDIAMART IT INMART 71% 1,243 878 85% -0.30% 0.54%
INDIANB Bank INBK 89% 5,443 4,773 83% -0.02% 0.64%
INDIGO Infra INDIGO 83% 8,286 6,830 95% 0.56% 0.27%
INDUSINDBK Bank IIB 91% 58,259 51,866 95% 0.60% 0.68%
INDUSTOWER Telecom INDUSTOW 97% 87,219 83,312 91% 0.61% 0.74%
INFY IT INFO 91% 40,369 36,662 93% 0.61% 0.56%
IOC Oil & Gas IOCL 82% 1,38,645 1,09,985 91% 0.54% 0.61%
IPCALAB Pharma IPCA 84% 2,908 2,451 92% 0.10% 0.43%
Sorted on alphabetical order of company name Source: NSE; Nuvama Alternative & Quantitative Research

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ROLLOVER ANALYSIS
Expiry Day Rollovers (OI '000 shares)
Mid/Total
Bloom Mid/Total Total OI Mid OI *Roll Cost Roll Cost
Instrument Sector Previous
ticker Current Expiry 30-Jan-25 30-Jan-25 23-Jan-25 30-Jan-25
Expiry
IRB Infra IRB 96% 1,02,152 96,801 85% 0.57% 0.47%
IRCTC Infra IRCTC 92% 16,790 14,535 92% 0.51% 0.39%
IRFC Financial Services IRFC 80% 92,411 66,288 80% -3.60% -8.05%
ITC FMCG ITC 91% 70,336 63,026 88% -0.60% -0.60%
JINDALSTEL Metal JSP 95% 19,071 17,948 89% 0.54% 0.23%
JIOFIN Financial Services JIOFIN 75% 1,41,910 1,01,807 92% 0.60% 0.75%
JKCEMENT Infra JKCE 89% 687 608 92% -1.09% 0.44%
JSL Metals JDSL 92% 3,665 3,349 85% 0.25% 0.19%
JSWENERGY Power JSW 89% 18,037 15,872 96% 0.44% 0.71%
JSWSTEEL Metal JSTL 93% 33,208 30,887 91% 0.57% 0.59%
JUBLFOOD FMCG JUBI 89% 17,571 15,555 80% 0.15% 0.50%
KALYANKJIL Consumer KALYANKJ 77% 21,766 16,286 92% -0.57% 0.54%
KEI Cap Goods KEII 80% 695 548 84% -0.46% -0.74%
KOTAKBANK Bank KMB 91% 41,151 37,336 96% 0.60% 0.53%
KPITTECH IT KPITTECH 83% 3,042 2,506 75% 0.27% 0.44%
LALPATHLAB Pharma DLPL 89% 1,307 1,164 79% 0.20% 0.38%
LAURUSLABS Pharma LAURUS 92% 20,725 18,700 95% 0.61% 0.65%
LICHSGFIN Financial Services LICHF 95% 23,911 22,475 95% 0.58% 0.37%
LICI Financial Services LICI 89% 6,376 5,283 86% 0.33% 0.55%
LODHA Infra LODHA 89% 6,145 5,481 91% 0.44% 0.31%
LT Capital Goods LT 90% 18,522 16,434 95% 0.62% 0.50%
LTF Financial Services LTF 91% 69,045 55,436 93% 0.48% -0.46%
LTIM IT LTIM 82% 1,966 1,605 85% 0.47% 0.49%
LTTS IT LTTS 80% 866 688 87% 0.01% 0.72%
LUPIN Pharma LPC 93% 7,150 6,566 92% 0.51% 0.64%
M&M Auto MM 86% 19,794 16,893 93% 0.61% 0.49%
M&MFIN Financial Services MMFS 81% 33,042 26,304 94% -0.83% -0.13%
MANAPPURAM Financial Services MGFL 96% 62,880 59,736 91% -0.04% 0.24%
MARICO FMCG MRCO 89% 15,898 14,158 96% -0.37% -0.30%
MARUTI Auto MSIL 78% 3,727 2,883 91% 0.46% 0.58%
MAXHEALTH Pharma MAXHEALT 78% 8,344 6,513 89% 0.44% 0.62%
MCX Financial Services MCX 83% 1,556 1,254 87% 0.42% 0.23%
METROPOLIS Pharma METROHL 80% 1,485 1,194 84% 0.32% 0.74%
MFSL Financial Services MAXF 88% 4,922 4,318 90% 0.09% 0.58%
MGL Oil & Gas MAHGL 91% 6,122 5,498 90% -0.39% -0.16%
MOTHERSON Auto MOTHERSO 88% 1,29,429 1,11,932 90% 0.56% 0.66%
MPHASIS IT MPHL 90% 3,788 3,342 87% 0.40% 0.70%
MRF Auto MRF 93% 69 63 97% 0.51% 0.63%
MUTHOOTFIN Financial Services MUTH 95% 2,832 2,690 95% 0.42% 0.28%
NATIONALUM Metal NACL 77% 57,030 42,934 92% 0.08% 0.18%
NAUKRI IT INFOE 84% 1,977 1,658 94% 0.53% 0.39%
NAVINFLUOR Chemicals NFIL 86% 1,420 1,216 83% 0.53% 0.47%
NCC Infra NJCC 81% 6,798 5,117 90% -0.08% 0.37%
NESTLEIND FMCG NEST 95% 10,100 9,467 95% 0.38% 0.14%
NHPC Power NHPC 88% 65,050 55,962 87% -1.71% -0.52%
NMDC Metal NMDC 87% 2,82,272 2,37,398 93% 0.62% 0.49%
NTPC Energy NTPC 94% 1,18,704 1,10,805 95% 0.31% -0.20%
NYKAA Consumer NYKAA 67% 50,699 33,713 73% -0.58% -3.55%
OBEROIRLTY Realty OBER 83% 6,742 5,476 89% -0.93% -1.39%
OFSS IT OFSS 79% 1,028 797 88% -0.11% 0.64%
OIL Oil & Gas OINL 82% 11,213 8,992 90% -0.38% 0.00%
ONGC Oil & Gas ONGC 86% 1,09,889 93,540 96% -0.34% -0.62%
PAGEIND FMCG PAG 92% 180 164 94% -1.21% 0.33%
PAYTM IT PAYTM 86% 25,416 21,763 95% 0.57% 0.30%
PEL Financial Services PIEL 84% 10,112 8,468 94% 0.49% 0.59%
PERSISTENT IT PSYS 82% 2,413 1,966 79% 0.14% 0.16%
PETRONET Oil & Gas PLNG 90% 36,672 32,741 97% 0.60% 0.68%
PFC Financial Services POWF 85% 64,214 52,241 94% 0.17% -0.04%
Sorted on alphabetical order of company name Source: NSE; Nuvama Alternative & Quantitative Research

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ROLLOVER ANALYSIS
Expiry Day Rollovers (OI '000 shares)
Mid/Total
Bloom Mid/Total Total OI Mid OI *Roll Cost Roll Cost
Instrument Sector Previous
ticker Current Expiry 30-Jan-25 30-Jan-25 23-Jan-25 30-Jan-25
Expiry
PIDILITIND Chemicals PIDI 94% 3,928 3,669 83% 0.54% 0.64%
PIIND Chemicals PI 92% 2,018 1,839 94% 0.29% 0.49%
PNB Bank PNB 92% 3,44,592 3,06,488 95% 0.70% 0.44%
POLICYBZR IT POLICYBZ 90% 5,299 4,743 90% 0.20% 0.56%
POLYCAB Capital Goods POLYCAB 76% 2,706 2,000 96% 0.45% 0.50%
POONAWALLA Financial Services POONAWAL 90% 13,101 11,307 87% -1.54% -2.03%
POWERGRID Energy PWGR 91% 75,587 68,035 95% -0.49% -0.83%
PRESTIGE Infra PEPL 85% 4,039 3,406 85% -0.50% 0.74%
PVRINOX Media PVRINOX 83% 3,775 3,142 85% 0.48% 0.45%
RAMCOCEM Infra TRCL 94% 4,905 4,578 95% 0.52% 0.56%
RBLBANK Bank RBK 94% 56,783 51,215 89% -0.15% 0.51%
RECLTD Financial Services RECL 89% 71,040 55,298 94% 0.29% -0.06%
RELIANCE Oil & Gas RELIANCE 90% 1,69,218 1,48,939 94% 0.59% 0.57%
SAIL Metal SAIL 85% 1,63,860 1,31,856 90% 0.53% 0.48%
SBICARD Financial Services SBICARD 82% 20,741 16,477 95% -1.04% -0.50%
SBILIFE Financial Services SBILIFE 96% 9,100 8,664 95% 0.54% 0.42%
SBIN Bank SBIN 95% 1,26,034 1,16,990 96% 0.56% 0.56%
SHREECEM Infra SRCM 77% 360 273 87% -2.12% 0.06%
SHRIRAMFIN Financial Services SHFL 92% 38,243 35,063 94% 0.18% 0.15%
SIEMENS Capital Goods SIEM 91% 2,507 2,258 84% 0.54% 0.55%
SJVN Power SJVN 86% 28,331 23,247 77% -2.78% -4.27%
SONACOMS Auto SONACOMS 94% 8,152 7,515 86% -0.13% 0.28%
SRF Chemicals SRF 87% 6,168 5,261 98% 0.27% 0.26%
SUNPHARMA Pharma SUNP 90% 16,230 14,560 88% 0.18% 0.20%
SUNTV Media SUNTV 76% 4,532 3,443 85% -1.99% -1.04%
SUPREMEIND Consumer SI 93% 1,346 1,252 91% 0.38% 0.36%
SYNGENE Pharma SYNG 90% 5,820 5,192 92% 0.64% 0.40%
TATACHEM Chemicals TTCH 94% 7,945 7,225 89% 0.55% 0.59%
TATACOMM Telecom TCOM 95% 5,319 4,945 93% 0.46% 0.62%
TATACONSUM FMCG TATACONS 97% 15,658 15,016 91% 0.54% 0.62%
TATAELXSI IT TELX 89% 1,399 1,214 64% -0.29% -0.50%
TATAMOTORS Auto TTMT 92% 1,04,598 92,109 95% 0.58% 0.44%
TATAPOWER Energy TPWR 93% 86,986 78,797 94% 0.58% 0.50%
TATASTEEL Metal TATA 88% 2,65,100 2,25,231 90% 0.55% 0.40%
TCS IT TCS 95% 13,329 12,633 90% 0.58% 0.57%
TECHM IT TECHM 92% 14,530 13,210 88% 0.54% 0.50%
TIINDIA Financial Services TIINDIA 89% 857 765 95% 0.39% 0.60%
TITAN Consumption TTAN 97% 9,969 9,601 89% 0.62% 0.50%
TORNTPHARM Pharma TRP 92% 1,964 1,811 93% -0.06% -0.16%
TRENT FMCG TRENT 87% 5,905 5,016 95% 0.61% 0.55%
TVSMOTOR Auto TVSL 97% 10,994 10,612 94% 0.34% 0.48%
UBL FMCG UBBL 90% 2,068 1,869 78% -0.59% 0.64%
ULTRACEMCO Infra UTCEM 91% 2,591 2,353 91% 0.57% 0.64%
UNIONBANK Bank UNBK 76% 57,591 41,396 92% -0.27% 0.62%
UNITDSPR FMCG UNITDSPR 87% 13,976 12,159 98% 0.41% 0.65%
UPL Chemicals UPLL 93% 30,341 27,948 92% 0.45% 0.62%
VBL Consumer VBL 92% 19,287 17,496 89% 0.56% 0.70%
VEDL Metal VEDL 96% 1,07,066 1,01,190 94% 0.57% 0.53%
VOLTAS Consumer Durables VOLT 87% 10,295 8,700 94% 0.43% 0.72%
WIPRO IT WPRO 88% 73,722 63,747 82% 0.55% 0.70%
YESBANK Bank YES 86% 3,61,322 2,90,992 88% 0.59% 0.58%
ZOMATO IT ZOMATO 84% 1,61,248 1,34,018 90% 0.54% 0.50%
ZYDUSLIFE Pharma ZYDUSLIF 94% 9,077 8,437 95% 0.54% 0.40%
Sorted on alphabetical order of company name Source: NSE; Nuvama Alternative & Quantitative Research

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ROLLOVER ANALYSIS
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This research report is a product of Edelweiss Securities Limited, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing
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Nuvama Research is also available on research.nuvama.com, Bloomberg - NUVA, Thomson Reuters, and Factset Nuvama Wealth Management 13
ROLLOVER ANALYSIS
supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations
regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.
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Disclaimer for U.S. Persons

This research report is a product of NWML, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report
is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S.
broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply wit h U.S. rules or regulations regarding, among other
things, communications with a subject company, public appearances and trading securities held by a research analyst account.
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14 Nuvama Research is also available on research.nuvama.com, Bloomberg - NUVA, Thomson Reuters, and Factset Nuvama Wealth Management