The Nifty rallied from 2250 (october 08) to 6350 (october 10) in a bull market that lasted about two years. This large rally will have to see a correction.
On TV, as well in this blog, I have suggested a possible downside target of 4000 in the Nifty. The 50% retarcement of the up move comes at 4300. A 61.8% pullback comes at 3816. My target for 4000 is roughly mid way between these two correction numbers. The intent is to identify the market direction which should see the Nifty in the low 4000 range. No once should try to predict the exact levels.