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Yesterday, NIFTY started the session above the 22,300 mark and began forming higher tops and higher bottoms on the intraday charts. The index subsequently regained the 22,500 level and eventually closed above it.

NIFTY has witnessed a sharp recovery from lower levels. However, it faces resistance in the 22,600–22,650 zone. If NIFTY decisively breaks above 22,650 and sustains above the 10-DEMA, which is also placed near 22,650, the index could move higher and test the 20-DEMA, placed near 22,950.

On the downside, the 22,200–22,150 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,150.