The August series starts on a weak note after the 3.1% dip in Nifty in July. In the near-term the market will be influenced by the tariff-related news. Since the date of implementation of the modified tariff rates is August 7th, that gives countries time to negotiate and bring the tariffs down. That may happen. An important trend in the market is the weakness in the broader market, particularly the smallcaps. This trend is likely to continue given the high valuations of the segment. Sustained selling by the FIIs continues to be a negative. The sharp surge in the dollar index to 100 will nudge the FIIs to continue selling putting pressure on largecaps too. Investors can adopt a wait and watch strategy.