The rally in the Nifty seems to be losing momentum. Last week we said that Nifty can see a correction after testing 19,000. But now it looks like this correction could happen without the rise to 19,000. A crucial support is near current levels which has to hold to keep the chances alive for the Nifty to see 19,000 and then reverse lower.

Nifty has a very crucial support near current levels at 18,650. If Nifty manages to sustain above this support, the chances of a rise to 19,000 will still remain alive. But if Nifty breaks below 18,650 from here itself, then the corrective fall can happen without seeing 19,000. The break below 18,650 can drag the Nifty down to 18,400 initially and then even to 18,200-18,100.

Bank Nifty is struggling to breach 44,000. The bias is bearish to see a fall to 42,300-42,000.

Dow Jones has supports at 33,650 and 33,100. It can bounce back from either of these two supports