You will have to be careful doing bottom fishing in these markets. The Sensex has corrected from around 42,300 to a low of 26,700 and it is nearly 36% down from the peak levels. This is the kind of correction that does not end in a whimper but will drag a lot more value out of the markets. Some of the numbers are staggering. On the BSE, more than 100 companies have hit fresh 52-week lows while nearly 250 companies have hit life time lows. Some of the stocks that hit life time lows include Bandhan Bank, ICICI Pru Life, GIC Re, Aditya Birla Capital, IDFC First Bank, Indiabulls Housing, RBL Bank, Tata Power, Godrej Agrovet, Spandana Spoorthy, Equitas, Sadbhav Engineering and KPIT Technologies. This is clearly the time to be cautious and not to jump in and start buying at lower levels.