Looking for market bottom? Udayan says it's a long way

As globally trade continues to be turbulent, there is no sight of a bottom to the market in the near-term, says CNBC-TV18's managing editor, Udayan Mukherjee. He says the volatility and the edginess globally does not help in forming the market bottom right now.

The European market today started off in the green, it then went down by around 5% to 6% and has now recovered but they are all over the place, says Mukherjee. The started the day at 4,950 and rallied all the way up to 5,150 levels but has come down to average of the high and the low of 5,050 levels. Mukherjee says the European indices are behaving like high beta midcap stocks. The DAX was 2% up and then 8% down, then again down 4%. Mukherjee says the kind of volatility cannot last for long and will die down, however, he see no bottom formation as yet. Mukherjee says the market bottom does not usually get formed with such a high degree of volatility. He says the markets will have to settle to see the bottom. Further, he says if the market rallied a couple of 100 points, there still would be no guarantee that a bottom had been formed. He says the market at present is unpredictable and can be called a trader