Nifty turned sharply higher from the 22,200 zone in Thursday’s trading session, forming a green candle on the weekly chart. The upcoming week looks hopeful for the bulls, with the rebound from 22,200 likely to continue. Key resistance levels on the upside are at 22,855. If the bulls manage to sustain above this level, the upmove could extend towards 23,386–23,533. However, due to ongoing global tensions, market sentiment remains uncertain, and things could turn against the bulls. Keeping this in mind, important support levels on the downside are at 22,531. If Nifty breaches this level, we could see further weakness towards 21,955.
All levels are marked on the chart posted.