New Delhi, Aug 27 : The short term trend of Nifty continues to be negative and there is a possibility of some more weakness in the coming sessions, says Nagaraj Shetti, Technical Research Analyst, HDFC Securities. However, a sizable upside bounce from the important lower support of 19K mark can't be ruled out in the near term. Immediate resistance is placed at 19,380 levels, he said. Rupak De, Senior Technical analyst at LKP Securities said the Nifty index has declined to a significant moving average (55EMA) support level. The sentiment is expected to stay bearish as long as the index remains below 19450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19240, it could potentially lead the Nifty towards the 19000 mark. Hemant Kanawala, Senior EVP & Head-Equity, Kotak Mahindra Life Insurance Company said, "Equity markets are expected to remain volatile due to weakness in external environment. While corporate earnings of Indian companies are showing strong growth, valuations aren't cheap and there is limited room for them to expand. Hence investors are likely to get returns in line with earnings growth till the end of the year." Vinod Nair, Head of Research at Geojit Financial services said the domestic market experienced another week of losses as investor sentiment was influenced by the forthcoming Jackson Hole meeting outcome. Investors are eagerly awaiting insights from Fed officials to gauge the future prospects of rate hikes. Despite a slight softening due to a weak US PMI, US bond yields remained elevated. The US Manufacturing PMI, registering at 47 against an expected 49.3, sparked hopes for an extended rate hike pause, he said. Sectors closely tied to the Western economy, like IT and pharma, experienced increased volatility, while domestically-focused mid- and small-cap stocks demonstrated resilience and gained momentum. The recent RBI MPC meeting minutes reiterated a commitment to managing inflation within the target range amidst elevated domestic inflation. Nevertheless, the expectation of an imminent rate hike remains muted due to the perceived transitory nature of current high inflation levels, he added. /IANS