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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.