Nifty at 4,200? Quite possible, says IIFL's Nirmal Jain

 The prospect of a Greek debt default continues to fuel global market volatility as leaders in Europe debate beefing up the Eurozone bailout fund and seek ways to prevent the crisis from spreading into Spain and Italy.

Europe and the United States could slip back into recession next year, unless they quickly tackle economic problems that could infect the rest of the world, the International Monetary Fund said lasy week. Back home too, market remains predominantly depressed with sporadic bouts of buying coming in at oversold levels.  The sentiment is very cautious currently, feels Nirmal Jain of IIFL, who adds, investors are in a wait and watch mode.