BY Subash Gangadharan

On the daily chart, we can observe that with the sharp fall seen last week accompanied with falling momentum readings like the 14-day RSI, the short term trend still remains down.

While the Nifty has bounced back and witnessed a pullback rally this week, the index is again showing weakness. There is a good chance that the current downtrend could continue once the immediate support of 18,973 is broken.

Rupee to trade between 83.60 – 84.10 in the near-term says CareEdge Ratings Momentum nowhere to be seen in Nifty this week, says Anand James of Geojit Financial Services Gold may see some profit taking but trend remains bullish says TradeBulls Securities Nifty to reclaim 25,000 next week, says Nagaraj Shetti of HDFC Securities

In this scenario, Nifty could correct towards the recent intermediate lows of 18,837. Immediate resistances are now at 19,096-19,159. 

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