The fall of July series was mainly led by selling pressure from foreign institutional investors (FIIs) desk. They cumulatively sold equities worth Rs. 13,035 crores in July series.
Jay Purohit
The July series kicked off with some long positions and moved higher in the initial days of the new series. However, bulls failed to pull Nifty above the 12,000 mark as we witnessed some selling pressure at higher levels.
The benchmark indices plunged sharply after the announcement of the first Union Budget under Modi.20. As a result, Nifty posted a loss of around 5 percent on an expiry-to-expiry basis, resulting in the worst derivatives expiry since October 2018.
The fall was supported by some short positions, but most of them didn’t carry forward to the next series as the open interest decreased 6.89 percent on a month-on-month basis.
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