The markets should not go below 9960--9965 on closing basis .The markets generally bottom out at 10x Forward Earnings of any Financial Year (Unless there is severe recession as happened in early 20th century). Hence we are either near the bottom or may be we have formed the bottom (If we consider bloomberg's earning estimates for this quarter). Till now most of the Indian Companies performed better than the pessimistic estimates given by this foreign agency (how many foreign agencies will like India to grow and outshine the rest of the world..???!! Simple and straightforward argument.....).

The total amount of money in a system cannot vanish suddenly and this is absurd. But then there could be less leveraged money in the system. However some money could now shift to emerging economies like India (which are on strong growth trajectories), which benefits immensely if the commodity prices comes down.
Moreover, to save the farmer, Indian Government could soon lift the ban on Futures Trading on some (banned) commodities increasing their price and saving the Indian farmers from a complete washout.
Reliance Industries Ltd as mentioned could benefit from the fall in the Crude Oil prices (though marginally) from their Oil Marketing Venture. Since the crude oil prices are coming down most of the OMCs could now think of becoming profitable in the near future unless the government tampers with the price of crude oil derivatives again before the elections. In a similar manner, BPCL, HPCL, Essar Oil, etc could be benefited.
The funds from Arabs could now flow to India as the Crude Oil prices are crashing. The Arab economies will crash as the Crude Oil prices are now near their production cost which is around$65--$70 per barrel. Hence, it will be almost absurd to think that the Crude Oil will fall below $65 per barrel. In that case we can say that Reliance Industries Ltd has hit the bottom or is near the bottom.

Fall in the metal prices is helping tyre, construction, automobile, plastic and other such industries. Hence the Construction companies who have fixed their contracts at higher prices during the last few years will be greatly benefited and their gains will be massive. This is especially true for EPC/BOP projects where generally the margins are generally low.
On what basis can any one say that the market can go down based only on the charts!!! Charts will only give supports, resistances, retracement levels, etc......or give the general behavioural pattern of investors/traders, which may come out to be true or may not be. Hence, it is based on some statistics--- however, charts gives some idea regrading the investing pattern of people and should be consulted for short term investing.