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What are the traders doing, in March F&O expiry?

March F&O expiry saw short covering in the majority of stocks but the relief rally could be losing its steam going forward.

Since the beginning of the March F&O expiry, baring few counters majority of the underline securities have witnessed short covering after observing a sharp selloff in February series. As major global indices posted deep cuts with Dow Jones down 1.2%, Shanghai Composite down 1% lower and Hang Seng down 1.5%, we believe Indian equities will follow the capitulating downtrend and retest its immediate support levels formed in February series.

Following is the list of stocks witnessing a buildup of huge short positions despite the indices witnessing marginal short covering. Going forward, we believe these 6 stocks could continue to remain under the selling pressure as traders could aggressively create short positions on account of weak derivative data points.