Even as I write, the Dow has closed 10% lower and the SGX Nifty is already indicating an opening that will be 7-8% lower. The SGX Nifty is hinting on 13 March hat an opening of around 8700 and that is clearly bear territory. Whether markets go down further from here will largely depend on how the markets react to the stimulus by the various central banks. The US Fed has promised to buy bonds to the tune of $1.5 trillion and the RBI has also agreed to do swaps to the tune of $2 billion to support the rupee. The first step is to see if the markets find a bottom around these levels or slip further. This is a very delicate position for the markets.