September series has tilted towards weakness in past five years: Milan Vaishnav

Equity benchmarks opened on a negative note on Friday ahead of Fed Chair Jerome Powell’s speech due later in the day. The S&P BSE Sensex dropped 96.2 points to 55,852.9 in opening deals, while the Nifty 50 declined 23.7 points to 16,613. Milan Vaishnav of Gemstone Equity Research spoke to Money9 on the the way September series is likely to pan out.

“Moving past 16,700 and staying there is critical. Even though I don’t see any sharp corrections but range-bound trade is expected on the Nifty. On the Nifty Bank, interesting statistics are emerging as it is still trading at the same level when the Nifty was at 15,000 so the move on Nifty Bank is overdue”, he said

On the way September series has performed historically he said that, in the last five years only twice the markets have ended positive while in the past decade there has been a 50-50 move on either sides. Therefore he believes, all eyes will be on macros like the US Fed commentary, global cues and how Covid pans out.

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