Nifty 50 index can test the lows of 22,000-22,500 levels given the muted earnings for the next two fiscal and the continued foreign selling, Manish Sonthalia, CIO, Emkay Investment Managers said in a conversation with CNBC-TV18 on November 25.Nifty 50 has been pencilling in an optimistic price to earnings (P/E) multiple in recent years as compared to the 12-year average, Sonthalia said.