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“We are of the view that, 20-day SMA or 21,500/71,250 could act as a sacrosanct support level for the traders. Above the same, the pullback formation is likely to continue. Above which chances of hitting 21,720-21,760/71,900-72,100 would turn bright. However, below 20 day SMA or 21,500/71,250 the selling pressure is likely to accelerate. Below which, the market could slip till 21,400-21,355/71,000-70,800,” said Shrikant Chouhan of Kotak Securities.

Comex Gold futures were trading at $2,039.60 per troy ounce on Tuesday, up by $6.10 or 0.30% while Silver futures were trading at $23.335, lower by $0.025 or 0.110%.

From the day's high, the Nifty fell 180 points to close at 21,544.80, up 31.80 points, or 0.15 percent, from the previous close

AU Small Finance Bank, IDFC First Bank, HDFC Bank, Axis Bank, and SBI were among the top losers, while buying was seen in Federal Bank, Bandhan Bank, and Kotak Mahindra Bank. The Nifty Bank index formed a bearish candle today and the next big support is placed around 47,000. A breach below the same could trigger another round of selling, suggest experts.

Stock market today: The short-term uptrend status of the Nifty 50 index remains intact, but Dalal Street is likely to find resistance around 21,800 to 21,850 levels in the coming sessions, say experts