Here is a verbatim transcript of the exclusive interview with Anu Jain on CNBC-TV18. Also watch the accompanying video.

Q: How much more would you give the Nifty in this pullback?  

A: We were extremely oversold. So in the sense that we have come back from about those 3,900 odd levels to about 4,100–4,130––the SGX is showing that we can probably open around 4,150––there is another strong resistance at about 4,210. So one can, if the global cues are positive, scale-up to those levels.  

In terms of whether we can get back to 4,300–4,350, it will take at least about eight–ten days more. Probably next week will to show another kind of a down move so this is one kind of pullback that we have had in a very sharp downturn. Probably there is more of a time correction left rather than maybe a value correction left. So another 10 odd days where you basically see some choppy moves downwards and then some sharp corrections but I think more or less we could say that 3,900-3,850 is where we see the market stabilizing. 

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