Will Nifty50 break a two-year-long pattern in July F&O series? Here's what Anil Singhvi thinks

As Dalal Street entered the July derivative (futures & options) series with a bang, with the Nifty maintaining a record-breaking spree, Zee Business Managing Editor Anil Singhvi highlighted that the July series usually brings highly positive moves. The 50-blue-chip index leaped 217 points or 1.1 per cent to clock a record closing high of 19,189.1 after registering an all-time high of 19,201.7 on June 30 — the first session of the July series. 

However, there's a catch. 

The Nifty has not clocked positive moves for no four back-to-back monthly series in the past two years, and it has ended all three of the April, May and June series with gains, the market wizard pointed out. "If it happens this time around, which is likely given a few favourable conditions, it will be the first set of four consecutive series of gains... The market is on a strong footing," he said.

Here's how the market fared in the June F&O series: 

EDITOR'S TAKE | What Anil Singhvi expects in the July series

The market guru expects a positive move in July 2023 as well. "Nine out of 10 times over the past 10 years, the Nifty has risen... In fact, July has been one of the best months for the market in terms of the performance in July series," he said. 

"Only some really bad unforeseen event can lead to a negative move in July this year," Singhvi said. 

What to do in July series? 

Singhvi believes both the Nifty and the Nifty Bank are poised top finish the July series on a strong note. "Sky is the limit (for the series)," he said. 

He recommends chasing the highs with stop loss levels of 18,550 and 43,300 for the headline and banking indices respectively. "Traders need not worry as long as Nifty and Nifty Bank stay above these levels on a closing basis," he added.  

The Nifty has finished three monthly series each with gains and losses so far in 2023:   

Here's a look at how the headline and banking indices have fared in the July series over the past few years: 

Catch latest highlights of the June 30 session here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.