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Though Nifty 50 is placed at the crucial hurdle of around 22,500 levels, the overall chart pattern remains positive and we are unlikely to see any sharp decline from here. Any consolidation or dip could be a buying opportunity, said Nagaraj Shetti of HDFC Securities.

​The immediate resistance for Nifty is at 22,500, and a break above this on a closing basis would signal a resumption of the upward movement. Conversely, the immediate support is positioned at 22,200-22,150, and sustaining above this level could witness some recovery in the index, said Kunal Shah of LKP Securities.

The Nifty Realty index was trading 0.07 per cent down at 915.85.

The 30-share BSE Sensex closed up 195.42 points at 72500.3

Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term.

The Nifty IT index closed 0.34 per cent down at 37741.75.

Nifty on Tuesday made a fresh peak and ended 75 points higher near the 22,200 mark to form a long bull candle on the daily charts. The index has been making a higher high both on daily and weekly charts.

The short-term trend of Nifty seems to have turned down and one may expect some more weakness in the short term. The near-term uptrend of the market remains intact and further weakness down to the immediate support of 21,550-21,500 levels could be a buying opportunity, said Nagaraj Shetti of HDFC Securities.

Nifty on Wednesday ended flat with a gain of just one point and formed a small negative candle with a lower shadow on the daily chart ahead of the RBI policy outcome tomorrow.

The short-term uptrend status of Nifty remains intact. But, the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22,100 -22,200 levels and that could possibly result in short-term weakness from the highs.