Mumbai, Nov 1 (IANS): After a subdued September, Indian equity market returned to its upward trajectory in October, with foreign institutional investors (FII) also making a comeback.

An Angel Broking report said that FIIs were net buyers in equities worth Rs 15,408 crore in October.

The report, however, said that the FIIs preferred lightening up their long positions in index futures segment due to the upcoming event of the US Presidential election and the Bihar Assembly election.

"Post some pause in the September series, the benchmark index once again resumed its uptrend seen from the April series. The October series brought back some optimism as we saw a V-shaped recovery in the first half of the series," said the 'Rollover Report for October 2020-November 2020'.

"As we progressed, Nifty slipped into a consolidation phase to eventually conclude the series tad above 11,650 mark. The banking index outperformed the benchmark by clocking a handsome 17 per cent gains series on series."

Rollover in Nifty stood at 77 per cent, which is slightly above the three-month average of 76 per cent.

"We saw an open interest addition of 25 per cent MoM and considering the rollover figure, we believe the majority of the positions rolled over in the November series are on the long side," the report said.

It, however, noted that stronger hands are starting November series with 'Long Short Ratio' below 50 per cent, "which is certainly not an encouraging sign".

As per the report, the volatility index is now trading on the higher side of the recent range and it is expected to surge further considering the event lined up.

"In Nifty options front, 12,000 followed by 12,500 and 11,500 followed by 11,000 are attracting traders' attention. At present, 11,500-11,600 is an immediate support for the market and 12,000 remains the sturdy wall," it said.