Market Update for Thursday , Mar 21

As I write this , DOW is 140 points down .

There is suddendly this bearish environment all over the place . Indian markets are down for last 3 days including today . We are near important support levels of 4170 now and breaking that would mean , bears coming back in the game for short to medium term .

We should not understand that we are in a bear market till now and may be markets have made its top for the rally . That is a possibility . But confirmation would come only after some days . Next week is expiry and that makes it more difficult to predict what can happen . Better to wait on side lines now till a clear trend emerges .

Nifty Pivot levels for Friday 21 may :

R2 4,363
R1 4,287
Pivot 4,243
S1 4,167
S2 4,123

I expect market to open flat to a bit high and then move lower .