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The options data indicated that the immediate support for the Nifty 50 may be at 22,000 mark, with hurdle on the higher side at 22,500 level.
After the ongoing consolidation, the index is likely to march towards the next hurdle at 22,400-22,500 area on the higher side given the positive sentiment, while the key support will be at 21,875 level, experts said.
The Nifty Bank remained in consolidation mode as it moved in the range of 47,363.40 - 46,886.95, intraday, before closing with minor losses at 47,019.70.
Nifty Bank index is anticipated to reach the short-term target of 48,000, with any dip viewed as a buying opportunity, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
Volatility spiked and climbed above the 16 mark, which can create discomfort for the bulls in coming days. The India VIX, the fear index, rose 5.22 percent to 16.02 from 15.22 levels