In Bank Nifty weekly closing today is important. As per experts, if it is above 46500, then some respite can be seen in the next week. However, if it closes below 45500 today, it will open gates for more downside, and simultaneously, Bank nifty can drag down…

Options data indicated the 22,000 is expected to key resistance area for the Nifty50, with immediate support at 21,600 and then 21,500 levels

For the week, BSE Sensex and Nifty rose 0.5 percent each; the market will remain shut on March 8 on account of Mahashivratri

Benchmarks Sensex and Nifty 50 traded flat after their record opening while BSE Midcap and BSE Smallcap indices were up 0.5% and 0.9%, respectively.

Options data indicated that 22,500 is expected to be crucial for the direction in the Nifty 50 in coming sessions, with resistance at 22,600-22,700, while 22,400 is likely to be immediate support.

The weekly options data suggests that the 22,300-22,000 is expected to be key support area, with resistance at 22,500-22,600 levels.

The ITC block deal ruboff failed to clear the sentiment and markets are now sharply lower with the selloff in the broader market continuing for a third session due to concerns over valuations.

The weekly options data indicated that the Nifty 50 is expected to face immediate resistance at 22,300 and then 22,500, with support at 22,000 mark.

The consolidation is expected to continue in the coming days, with resistance on the higher side at 23,000 on the Nifty 50, followed by 23,100, and support at 22,800 and then 22,600 levels, experts said.

The chart formations indicated the exhaustion of bullish strength, which might attract a price-wise correction post-rally, experts believe.