After the recent fall, a majority are veering towards the bearish side. But, it is often observed that the market seldom does what the majority wants it to do. Looking at Nifty Weekly Charts we can see a Break of long term trendline.
As of now Bluechips like SBI,ICICI are heavily oversold. Metals are trading at all time high but Hindalco,Tata Steel are correcting and all are oversold on hourly and daily charts.
For Investors i would say have faith in indian stock market and start deploying your cash where market will reverse its difficult to tell but it will be fast and furious.
So deploy cash in ICICI Bank,SBI,TISCO,TELCO where growth is visible .