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Quote On Morning Market 18 May 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The market is delicately poised with both bullish and bearish signals. Profit booking at higher levels and the buildup of short positions are bearish signs. But optimism regarding resolution of the US debt ceiling impasse is a bullish sign. Since a failure to raise the debt ceiling and the consequent default will have catastrophic consequences not only for the US economy and financial system but also for the global economy and global financial system, a resolution to the impasse will be reached even if at the eleventh hour.

Positive global cues will embolden the bulls to charge once again towards new highs. Two major results today -SBI and ITC- are likely to be very good, and can aid the bulls.

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