After 8.7% rally in July, Nifty likely to be rangebound in August: Data

The Nifty has rallied 8.7 per cent last month — its best monthly performance since November 2020. The rally cemented July’s tag as the best calendar month for the markets.

Sample this: the month has delivered an average 3 per cent gain in the past 10 years. Interestingly, returns have been negative in July only once in nine years.

However, the exuberance in July follows a much quieter August. In the past decade, the average Nifty returns in August were 0.6 per cent. In 2021, however, there was a role reversal, with the Nifty rallying 0.3 per cent in July and 8.7 per cent in August.