New Delhi, April 29 -- The benchmark Nifty 50 has entered the May F&O series on a strong footing, after closing the April series with gains of 7.5% and recovering a substantial portion of the 12% decline witnessed during the March cycle.

However, derivatives data suggests that the rally was largely driven by short covering rather than fresh bullish positioning, even as rollover trends point to a more measured market stance.

Nifty's April rollover came in at 71.4%, lower than the previous expiry's 77.8% and slightly below its three- and six-month averages of 72.3%. This indicates a relatively subdued appetite among traders to carry forward aggressive bets into the new series.

Open interest (OI) in Nifty futures at the start of the May c...