Bottom-fishing? Hang on, let market settle: Jhunjhunwala

Rakesh Jhunjhunwala, one of the most powerful voices in Indian stock market, says the long-term story of India is not lost but markets are unlikely to shoot up after a hitting bottom.  

Indian equity benchmarks got butchered once again as investors feared a worldwide sell-off on talks that S&P may downgrade other countries and companies post US downgrade.
The 50-share NSE Nifty slipped below the 5000 mark for the first time since June 2010.
Speaking to CNBC-TV18, Jhunjhunwala said, the current market turmoil signals the end of the global financial crisis. "It may take another two or three-years, however, this definitely looks like the beginning of the end," he said.
According to Jhunjhunwala, markets may see a good uptick in the medium-term. However, he advised against bottom-fishing at current levels. "I think watching the market rather than anticipating it for the next five-seven days is the best idea," he advises.  Below is the edited transcript of Rakesh Jhunjhunwala's exclusive interview on CNBC-TV18. Also watch the video. Q: Do you think Nifty will be able to find support at 5000?
A: It's a highly volatile situation. So rather than trying to anticipate where we will find support, let us see where it actually finds the support. We will only know that when it stops falling, goes up to a certain point, and again falls. Q: Does that mean you are not confident that the Nifty is going to hold on to these levels? Do you think it can slip to those 4,700-4,800 levels that some of the technical guys have been talking about?
A: I am not saying it might not hold on at these levels and will not go up, but I would not like to anticipate it. I would not like to preempt it.
I think watching the market rather than anticipating it for the next five-seven days is the best idea because it's an extremely volatile time and bottom-fishing at these levels, or at any levels is, not what I personally think is something what one should do. Q: What would convince you, looking at the screen, that the market is putting in some kind of a bottom?
A: I can talk about short-, medium- and the long-term. In the short-term, I personally feel that's what is happening and what is coming as a surprise everyday