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Nifty experienced consistent selling pressure throughout the week, resulting in a decline of 2.80 per cent from its all-time high, said Rupak De, Senior Technical analyst at LKP Securities.

This recent correction has caused it to dip below the critical 21-day Exponential Moving Average (21EMA). The sentiment appears bearish at this point, with a key support level identified at 19,600, De said.

A breach below 19,600 could potentially initiate a more significant market correction. On the upside, 19,800 is expected to serve as a resistance level, he added.

Vinod Nair, Head of Research at Geojit Financial Services, said domestic markets closed on a sombre note as mixed cues from US and Asian markets weakened domestic investors’ confidence.

The Nifty 50 dropped 70 points on Friday to close at 19,674 , while the Sensex fell 221 points to end the week at 66,009. 

Nevertheless, PSU bank stocks outperformed as India's inclusion in JP Morgan's Government Bond Index led to a decline in bond yields, Nair said.

A broad basis, risk-averse sentiment prevailed due to the ongoing ascent of US bond yields and concern over higher rates for a prolonged period, he added.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the prevailing sentiment in the Bank Nifty index remains bearish. As a result, it's advisable to maintain a "sell on rise" approach. The next immediate support is seen in the 44,500-44,400 range.