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The Nifty Bank index closed 0.87 per cent down at 47069.45.

Nifty 50 is in the process of retracing the rise it has witnessed from 22,710 to 22,776. The next crucial support level is 22,370. On the upside, 22,620–22,650 shall act as an immediate hurdle from a short-term perspective, said Jatin Gedia of Sharekhan.

Open Interest (OI) data showed the call side exhibited the highest OI at 23,000, followed by the 22,900 strike prices, while the highest OI on the put side was observed at 22,700 strike price.

The 30-share BSE Sensex closed up 354.45 points at 75038.15

A total of 28,154 shares changed hands on the counter till 12:12PM (IST)

Positive chart patterns like higher tops and bottoms are intact as per the daily chart, and the present upmove is in line with the new higher top formation of the pattern. The short-term uptrend of the Nifty remains intact, and the next upside levels are around 22,800 (1.618% Fibonacci projection). Immediate support is at 22,520 levels, said Nagaraj Shetti of HDFC Securities.

The index remained sideways throughout the session, reflecting a pause in the market trend, following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation.

A total of 12,252 shares changed hands on the counter till 01:29PM (IST).

The stock traded at a P/E multiple of 7.39, while the price-to-book value ratio stood at 0.83.

A total of 21,155 shares changed hands on the counter till 10:56AM (IST)