On March 23rd, 2023, the stock market is expected to experience a reversal, as predicted by our market timing firm. Recent events have resulted in the US regulators taking control of Silicon Valley Bank and Signature Bank, which were the 2nd and 3rd largest bank failures since the 2008 recession, respectively. In our Annual Letter 2023 press release, we had forewarned of the possibility of such events and the challenges central banks may face with interest rate hikes.
On Friday, the indices achieved the first target of the short position for indices, with the S&P500 reaching 3850. Additionally, in the Indian market, we had a short position in Nifty @ 17800 & Bank Nifty @ 41300. We covered 50% of the position last Friday (Nifty @ 17400 & Bank Nifty @ 40500). As a market timing firm, we continue to closely monitor these developments and provide valuable insights to our clients to assist them in making informed investment decisions.
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