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Nifty ended on a weak note, closing at 22,397.20, forming a Doji candle on the weekly chart after a strong bullish candle. This pattern, supported by the 100 EMA, indicates ongoing bullish strength but also suggests indecisiveness near key resistance levels. A decisive close above 22,680 could confirm a breakout, potentially driving the index toward 23,050 and 23,150, where immediate resistance levels are placed. 

On the downside, Nifty has strong immediate support at 22,150, followed by 22,000. A break below these levels could trigger further weakness, leading to increased selling pressure. However, as long as the index holds above these support levels, the broader bullish structure remains intact. Traders should closely monitor price action around these levels for further confirmation of trend direction. 

India VIX declined by 3.01% to 13.28, indicating reduced market volatility and improved investor sentiment. This suggests that uncertainty has somewhat diminished, and traders are displaying more confidence in market stability. However, subdued global cues and concerns over foreign institutional investor (FII) selling continue to weigh on market sentiment. 

Open Interest (OI) data reveals the highest concentration of call OI at 22,500 and 22,600, signaling strong resistance, while put OI is highest at 22,300, marking a key support level. If Nifty sustains above 22,680, it could trigger a fresh rally, while failure to hold above 22,150 may invite further selling pressure. Traders should maintain a cautious approach with strict risk management amid ongoing global uncertainties.
 

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