What do you think are the chances that that is the market's bottom and I mean long term bottom, not a bottom and then again it starts to drift and then if it is the bottom then what would be the right technical stocks to pick up where the momentum may be there?

To be honest, one cannot really say that this is going to be a long term bottom. One can talk of a swing low. One can talk of the bottom holding for the next few days or possibly a few weeks but it will not be broken in the next two-three-four weeks.

It will depend on the occurrence of the events around us, possibly Greece and all that European whatever is happening but at this point of time, I see it holding, I see a bounce back from say around 4800-4780. Bounce back up to 5000-5050 and the Nifty moving in the range of 4800-4850 to 5050-5100 and it will spend more time in that. It will be more of a time wise correction.