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.
Can it be a whipsaw or it serious breach of Bull Market,we will come to know in next few days.
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.
Levels to watch are 5721 and 5690 recent Nov lows if these are violated than we will see the levels of 5500 where 200 DMA lies.
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 .