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Following firm global cues, NIFTY opened with an upside gap but struggled to sustain above the 22,500 mark and witnessed profit booking at higher levels. However, it found support near the 22,300 zone and resumed its upward momentum, forming higher tops and higher bottoms on the intraday chart. Eventually, it managed to close above the 22,500 level.

Given the current high volatility in the market, a cautious approach is advised. NIFTY faces strong resistance in the 22,500 – 22,700 range. A decisive breakout and sustained move above 22,700 will be crucial for initiating fresh long positions.

On the downside, the zone of 21,900 – 21,700 continues to act as key support. Existing long positions can be held with a strict stop-loss below 21,700, as a breach of this level may trigger further downside.