Nifty's immediate downside may be at 4400-4600:Sampriti Cap

The immediate downside for Nifty would probably be 4,400 to 4,600 levels, but it might not necessarily be the final bottom, feels Sandeep Shah, chief executive officer of Sampriti Capital.

When volatility index (VIX) is very high, market tends to see very sharp movements. "We would see 30% corrections," he told CNBC-TV18 in an interview. If you see the 2003-2007 bull market, the 30% correction happened two-three times, driven by global problems. This time, we not only have global problems, but we also have local problems, he said.
A lot of milestones have to be tracked, which will tell whether we are in the final bottom or not. One of that would be the sovereign debt crisis solved, he mentioned.
If the market goes 10%, midcaps should correct 20-30% and even 40% sometimes, Shah pointed out. For example, for a-10 lakh portfolio, one should have hedged the Nifty by selling 30 or 40 lakh, he explained. This bear market is almost a year old now and the bull market corrections don