New Delhi, Jul 23 (IANS): The Nifty faced a downturn from its all-time high as Tech stocks plummeted due to Infosys' disappointing revenue guidance, says Rupak De, Senior Technical analyst at LKP Securities.

A crucial support level for the Nifty lies at 19,700, marked by significant put writing. Should the index breach this level, it may lead to a substantial market correction. On the upside, resistance is positioned at 20,000, he said.

In the upcoming week, investors will be closely focused on the US Federal Open Market Committee (FOMC) meeting, says Vinod Nair, Head of Research at Geojit Financial Services.

While a 25-basis point rate hike is widely expected, investors will be more interested in the committee's commentary on future rate actions, seeking clues for the anticipated future rate pause, he said.

The domestic market witnessed a broad-based rally during the week, strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs, he said.

The unlocking of value by heavy weights (like RIL & ITC) also helped in apprising the main indices. Mixed cues from the global peers did not cause any serious disturbance in the mood of the domestic market as FII inflows stayed put with the prospects of the Indian economy.

The bull run was, however, lately interrupted by weak guidance from Infosys, which cast a shadow over the outlook of the Indian IT sector. The banking sector led the sectoral rally in anticipation of a good Q1 result, he said.