Market View 20230810

We're still stuck b/w the two moving averages, a convergence is taking place, but we can't be so sure which direction this will go. I had a feeling that a head and shoulder pattern would be formed, but as the days progress, it looks like that's not the case, and it might be a downward trending market.

Given that equity mutual fund inflows reduced in July, we could be seeing the top of the market. Unless the SIPs and inflows increase or stabilise, we could expect some downwards movement, as there are no more buyers.

Some (armchair) economists believe RBI is expected to retain the repo rate at 6.50%, even until March 2024! (yeah right)

2:47 PM

Seems like a sloppy market, volatile as well.