New Delhi, Aug. 3 -- Ticker is a weekly newsletter by Vijay L Bhambwani. Subscribe to Mint's newsletters to get them directly in your email inbox.

Dear reader,

Last week, I wrote bulls must flex their muscles and make their presence felt, or risk losing the initiative. The market fell for the fifth week in a row, which means bulls are a worried lot. They are fast approaching a tipping point where they will need to defend the markets or get overwhelmed by their mark-to-market (notional) losses.

To be fair to the bulls, they have multiple reasons to worry. The India-US trade deal is turning into a nightmare. The resultant fall in the rupee opens the floodgates of "imported inflation." This occurs when the domestic currency weakens so muc...