Pri Market Commentary ...

Today, we expect a flat to lower opening. The usual short-term pullback may be seen. Stay away even if there is a bounce. Nifty could test levels of 3,650 in the near term.Downgrades were more or less anticipated and Fitch revised the outlook on India’s Long-term local currency Issuer Default Rating (IDR) to Negative from Stable. Be prepared for more downgrades. The optimist may think by the time further downgrades come, it may be time for a reversal in fortunes.

After closing at its lowest level in 15 months, few are willing to bet their money at current declines. Those who get in will at best do so for some short term gains if any. Most people expect the pain to continue for a while.