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In terms of levels, immediate resistance is identified at 22,530, a level of significant importance on higher time frames, with further resistance seen at 22,800 followed by 23,170 for the Nifty.

Maruti Suzuki India ended at new closing high and formed bullish candlestick pattern on the daily timeframe with above average volumes. The stock remained above all key moving averages since last week.

Hindustan Aeronautics extended uptrend for third consecutive session with above average volumes, after forming a bottom around Rs 2,914 last week. The stock has formed long bullish candlestick pattern on the daily timeframe.

Apollo Hospitals Enterprise has seen a strong consolidation breakout and formed long bullish candlestick pattern on the daily charts with above average volumes. The stock traded above all key moving averages.

The Nifty is likely to consolidate in the range 22,300 – 21,700 in the absence of any near term triggers ahead of the quarterly results announcement which starts during April, says Jatin Gedia.

If government policies continue the way they have been, then all bets are on the table for PSUs to catch up with private peers, says the Avendus Wealth Management managing director and chief investment officer

Over the next few months, if the small and mid-cap stocks continue to go through the correction phase or move sideways, redemptions are unlikely to increase substantially, especially in the mid and small-cap funds, says Sujit Modi.

The Nifty may face hurdles at 22,250-22,300 and, if this level is broken decisively, then a record high cant be ruled out. On the downside, it the index breaches the 22,000 level, then 21,900 is going to be next support level and then 21,700, the low of the last week

On the upside, the levels of 22,200 – 22,450 are anticipated to pose strong resistance in the current week starting from March 26.

Divam Sharma of Green Portfolio is underweight on banking and says he will wait for valuations to slim before adding major exposure