Nifty Could Plummet to 19,000-20,000 in Worst Case: Bernstein Warns

• Bernstein's Venugopal Garre warns Nifty could fall to 19,000-20,000 if macro pressures intensify.
• Downside scenario driven by earnings downgrades and valuation compression amid worsening macro environment.
• Markets are not cheap despite recent correction, with weak earnings growth limiting upside.
• IT sector appears attractively valued, with current prices implying pessimistic long-term growth expectations.
• Financials, automobiles, and utilities are preferred sectors; caution advised on highly cyclical sectors.