Even till a month ago, Nitin Rao was pretty optimistic about equities. “From overweight, we have moved to neutral,” says the soft-spoken CEO of Reliance Wealth Management. He simply describes the last four weeks as mayhem — one that saw the benchmark index coming off 10% from its August high to 34,950 as of November 5. What the fall does not reveal is that many large caps and mid-caps have come off by 30-50%. While the benchmark is currently trading at a one-year forward of 21x, Rao does not discount the possibility of it going down to a level of 15x.