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How to earn steady tax free income from equity investments?

With stock market touching new lows every day and still no chances of calling a bottom, investors are hardpressed with choices for their investment decisions. Even the safe fixed return investments are seeing reduced returns owing to cut in deposit rates.

What should be your investment strategy in such volatile markets?

What should be your investment strategy in such volatile markets?
The Indian financial markets markets is going among the most volatile phases it has witnessed over the past many years post Lehman, Merrill Lynch crisis. Whether it is equity, metal, currency, oil, every new morning brings with it fear and hope of a new event overnite (especially in US markets).