With last week registering successively lower lows, the ongoing slide appears to gain momentum, setting up environment for a dive into the 19,350-230 region, says Anand James, Chief Market Strategist at Geojit Financial Services.
However, the favoured view does not yet expect a collapse beyond this point, but we would require either a consolidation here, or an outright pull back above the 19,550 region to signal recovery, he said.
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said the Nifty once again witnessed a gap down opening with a weak intraday session with crucial support of 19,500 zone sustained as of now and is precariously placed with sentiment maintained with a cautious approach.
The index holding on to 19,500 levels is very crucial and a breach below shall trigger for further intensified selling pressure. The support for the day is seen at 19,400 levels while the resistance is seen at 19,700 levels, Parekh said.
BSE Sensex is down 165 points at 65,231 points on Monday. Tata Steel, Maruti, Tata Motors, Kotak Mahindra Bank, TCS are down more than 1 per cent in trade.