August 10, 2025
Tariff Tantrums - A Quick Guide
• Showdown between Modi and Trump clouds the short-term texture of Indian markets heavily.
• If over the next 10-15 days a reconciliation isn’t arrived, markets could move down by another 20% potentially.
• Gold continued to climb to all-time highs as tariff threats globally took center stage.
• A small change in outlook - nibble all the way until 23k Nifty and invest bigger slices below 23k of the Nifty with an aim to get fully invested by 22k.
• We have continued to maintain that incremental exposures to be taken through balanced funds and structured products - below 23.5k/24k we will move to 100% eq funds, and below 23k more aggressive fund.
Recalibration is needed only if overall thematic funds are > 25% ~ Vivek Banka
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