Whether Nifty has any support level or not?

It is said 3800 is the support level for the nifty.But after crossing it nobody is able to figure out what the next level will be.It is free fall from there.Whether 3000 will be sustaind?Now, we are looking at corporate earings,Regulator measures to see not up run but consolidation. In these days, Technical levels are not so important just a time passing tool.
But, investors looking for the next 2 - 3 years will have look this as an oppurtunity to buy.Ofcourse they are to be new entrants as old lions are licking their injury.