Bears in the fray: Will market lose support in near-term?

The bulls struggled through the day, as the market buckled under weak global cues. The Nifty broke below the 5,450 support but clawed back to close at 5,456 - with a 60 point cut. The Sensex closed deep in the red at 18,109, down 205 points.

The market plunged on the fear that there could be slowdown in some of the developed countries. Disappointing manufacturing data of major regions like the US, Europe and China had offset the sigh of relief offered by the agreement between the US house and Republicans for raising the US debt limit. Also watch the accompanying video.
Jai Bala, Chief Market Technician, Cashthechaos.com warns that the downside pressure may continue for few weeks.