1992 & 2000 were perfect bears, forget the scams, 2000 it was a worldwide phenomena, when sellers overwhelm the buyers for an extended period we enter bear market & thus buyers give up in the later stage... fundamentals & supports are just silenced, say RIL drops from 3200 to 1600 & still don't find buyers be sure we are in bear & RIL can drop sub 1k levels, surely the RIL fans will give up then...
Also on the perspective. A short term or even medium term trader may find no reason to buy but someone with a 3-5 yr horizon may find plenty of reasons (Relativity)
Regards,
Kalyan.