"On the daily charts, we can observe that the Nifty has breached the previous swing low of 19,333 it touched in the first week of October and has closed below that, indicating a breakdown. Weekly, daily and hourly momentum indicators have a negative crossover, a sell signal. Thus, both price and momentum indicators are suggesting a further decline. On the downside, Nifty is likely to drift towards 19,000 from a short term perspective. On the way up, 19,500 - 19,530 shall act as an immediate hurdle zone as per the principle of role reversal," said Jatin Gedia, Sharekhan by BNP Paribas.