July 8, 2009 : The stock market is likely to witness tough days in the next three months and the benchmark index Sensex may fall to 12,500 levels, financial services firm Religare said today.. The market is likely to correct in the next three months to come down to fair valuation levels. The Sensex can go down to 12,500 levels and the Nifty to 4,050 levels before they bounce back," Religare Capital Markets President Equity Amitabh Chakraborty told PTI. The next three months will not be good for Indian stocks as a huge gap in valuations has been created in the market post the UPA victory in the general elections and it will now see a downside, Chakraborty said. Marketmen said that the market surged in May on the general election outcome but had not been backed by fundamentals. However, the Bombay Stock Exchange benchmark plunged by 870 points last Monday as the Union Budget failed to enthuse investor sentiment. "The market was looking for a reason to book profit. Investors fai...