A morning walk down Dalal Street | Experts anticipate short-term downswing

What a turnaround of events! After showing strong resilience to the sell-off in global markets, Indian equities witnessed intense selling pressure. The Nifty breached levels of 10,800, while the Sensex fell nearly 700 points.

Global markets took a beating amid fears of a slowdown in developed economies such as US and China.

Apart from global cues, index heavyweights were under pressure, which dragged the indices lower too.

Technical experts believe that Friday's fall appears to have set the tone for a short term downswing with a top in place at a recent high of 10,985 levels. Hence, it is advisable to short this market by making use of rallies with a stop of 11,000.