I think the Indian markets will not go lower to those 2008 levels, but would go lower from the current levels to, may be, 12,000-15,000 levels. From their low in 2009, the Indian markets till recently rose to 21,000, which is almost 100 per cent returns. I do not call this a bear market rally, but a bull market. We now have had the beginning of a bear market.
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