| F&O Series | Returns (Points) |
| January 2026 | -763 |
| December 2025 | 54 |
| November 2025 | -51 |
| October 2025 | 1,325 |
| September 2025 | 110 |
Historically, the February series has been one with big price moves on either side for the Nifty. The last five years have seen three February series’ being won by the bears, and two others by the bulls.
| February Series Year | Returns (Points) | Returns (%) |
| 2021 | 1,280 | 9 |
| 2022 | -862 | -5 |
| 2023 | -381 | -2 |
| 2024 | 630 | 3 |
| 2025 | -705 | -3 |
At the start of the February series, rollovers currently stand at 70.7%, lower than the three-month average of 72.3%.
| Series | Rollovers |
| February | 70.7% |
| January | 72.3% |
| December | 68.8% |
| November | 76% |
| October | 83% |
After two months of decline, net long positions of Foreign Institutional Investors (FIIs) have seen a marginal increase at the start of the February series, returning back to double digits.
| Month | FII Longs In Futures |
| February | 12% |
| January | 9% |
| December | 15% |
| November | 20% |
| October | 6% |
Despite the marginal increase, the net short contracts for the FIIs stood at 1.75 lakh at the start of the series, while Client long exposure of 72.5% comprised of 1.26 lakh net contracts.The biggest trigger of the February series comes this Sunday when Finance Minister Nirmala Sitharaman will table the Union Budget on the floor of the Parliament. In a few days from the Budget presentation, the Reserve Bank of India will come out with its policy decision. The remainder of the earnings season for the third quarter and any potential progress on the India-US trade deal will be important to monitor during the series as well.
