On the call side, there are notable OI concentrations at the 22,500 and 22,900 levels, suggesting these as resistance levels to watch, with the 22,900 level approaching all-time highs.
The last trading day of the week saw the index swinging wildly. During the week, the Nifty oscillated in a 446.65 range before closing the week on a flat note. The benchmark Index posted minor weekly gains of55.90 points.
Technically, the index closed below the level of 22,500, which has been acting as a minor support for the last couple of days. While this is a negative development, its not something that opens a big downside, observed an expert.
Nifty s short-term uptrend seems to have resumed after one day of weakness. The next upside levels to be watched are around 22,800-22,900. Immediate support is at 22,500, said Nagaraj Shetti of HDFC Securities.
Nifty s short-term trend seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below this support could trigger more declines.