Market may be heading for a bear phase; short-term trend clearly negative

The rupee has lost ground since pre-Budget, against three major hard currencies (yen, dollar and euro). The European Central Bank and the Bank of Japan maintained status quo in recent policy meetings

The market broke down from a trading zone and it now appears to heading into what could be a long-term bear market. The Nifty was trading a zone of 10,300-10,600. Once a key support at 10,275 broke, the likely target would be about 10,000. That is well below its own 200-Day Moving Average ( 200-DMA), which is currently around 10,150. Friday, the Nifty dropped below its 200-DMA when it closed at 10,094. A move below the 200-DMA generally indicates a long-term bear market. 

The short-term trend is clearly negative. The next bounce, on short-covering is likely to come along soon.