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1. Indian stock market as suggested earlier has got its first downgrade in its raitings as a nation as S&P has revised outlook on India to negative from stable. S&P has reaffirmed BBB- rating on India and same is attributed to the fact that one can see FY09 fiscal deficit to increase to 11.4% as against projected 5.7%. Fiscal deficit is expected to remain high at 11.1% in FY10. Motreover one may see a further increase in Fiscal deficit iif the coming govt post elections decides to have another stimulus package.
2. Thus one will be seeing a lacklusture market only in coming days as market is trading on low volumes and low volatility and thus one may see Nifty touching maximum 3250 levels till elections in form of hope factor.
3. As a strategy one can keep an eye on Dow Jones as Indian markets will be taking the cues from international markets and if Dow breaks further one can see Nifty touching the levels of 2500-2600. One can make money from this market by buying near low levels and keep selling on the rallies and one may have to be content with paper thin profits.
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