I completely agree with Abheek Barua. In short to medium term Indian markets will be highly volatile due to its over dependence on exports to West and especially on American economy and this is true of any emerging markets. However in the long term, India will stand on its own and defang itself from West and will grow on its own.
As of now, i would completely get out of IT stocks and and will not re-neter them untill i see visible changes in their business model or start looking for projects in Europe and Asia.
The stock market is way over bought and is at its peak and is way expensive. However there are still many oppurtunites where people can still invest and make money.
If US officially gets into recession mode, the growth expectations will be hugely reduced and stocks decline and thats where i see an oppurtunity to enter.
