Downside limited, Nifty to find support at 4700-4800: IL&FS

From signs of outperformance seen last week, the market has thoroughly let down the Street, coming undone. Experts say that it has been spooked by the fast depreciation observed in the value of the Indian currency against the US dollar. 

Vibhav Kapoor of IL&FS however provides reprieve from the negative news flows. Speaking to CNBC-TV18, he says that the market is currently pricing in many negatives and therefore, the downside is limited. "In fact, the market is right now ignoring certain positives like the monsoon," he says. Kapoor expects the Nifty to find support at 4700-4800 levels. "The downside is maximum a 100 points. So unless you get something completely new in the global economy, I think this 4,752 or maybe 4,652 should hold," he says, adding that investors are looking for stability before they go hunting for value. Below is the edited transcript of the interview. Also watch the accompanying videos. Q: Turbulent times but what are you taking away from the currency universe; the rupee is almost hitting Rs 48, the dollar index is at 77 plus. Is all of that making you a bit nervous?
A: Yes, it