Nifty formed a doji candle on the weekly timeframe, indicating indecisiveness in the index. No clear trend is visible on the charts. Nifty is oversold, and the chances of short covering are high.
If we analyze both bull and bear case scenarios:
Bull Case: If Nifty is able to cross and sustain above 22,610 and 22,710, then we can expect the uptrend to continue up to the next resistance range of 23,031 to 23,090.
Bear Case: If Nifty breaches the support range of 22,392 to 22,270, then we can expect further retracement up to 21,958.
All S/R levels are marked in the chart posted below.