After finance minister Nirmala Sitharaman on Friday announced a series of measures to revive the stagnant economic growth, there were expectations of the markets reacting positively to the news.The markets have rallied 3-4 percent in Monday's trade so far, it might extend further if finance minister Nirmala Sitharaman follows up on her promises of some more measures during the weak especially on housing, it is quite conceivable that they can go back to 11,200 level, said Udayan Mukherjee.“All that was done and said was good and necessary, there is no two ways about that but for some part of it she was only undoing some of the harm that she herself had brought upon the market which is the FPI [foreign portfolio investor] surcharge, things like registration fees on autos; they have just recoiled it,” added Mukherjee.Talking about the downturn in the automobile sector, he said: “Maybe the recent lows on autos will hold for the moment, but I do not think anything major has happened on the sector. Small bits and pieces particularly going into the festive season, you might get a little bit of lift in demand but demand issues have not been addressed in the package and autos still have a very long and difficult road ahead.”On the markets, Mukherjee said: “No chartist or analyst in the world can reliably say that we have a bottom in place and with the way the world is crumbling and with the way our economy is doing and we are saying does the bottom lie 300 points from here. It’s just not the way it works. So none of us know.“However, things have taken a very ugly turn with every possibility that they will get uglier still in the months to come. We have seen a lot of pain in midcaps and smallcaps but 10-11 percent from the highs, I do nothing we should be calling bottoms at this point in time. If 10,600 turns out to be a bottom, it would be a great outcome for this market. Do I think it will be? No, but it is just one more opinion. I could be terribly wrong but we probably will see lower levels in the months to come,” he added.