Market may  go below 4600 but there are several factors which suggests short sellers need to cut short positions

- Rs has been bottomed out @54+ atleast for few weeks

- Last round of carnage appears to be mainly to trigger SL of bulls @4700 or may be 4600

- There was no aggressive selling by FII ..it seems they are not ready to sell or not able to sell due to poor liquidity 

- Forget Index  in most of stocks correction is so deep that price has discounted next 2 poor quarters

That does mean market are good technically or fundamentally but Short sellers also should remember you can not make century by hitting every ball towards boundary ..one  need to pass some dot balls and maiden over also