Nifty closing above 22200 is a good psychological win of Bulls

Despite giving a red candle and negative closing of Nifty after making a new high of 22297.5 the closing the week above 22200 is a good psychological win of Bulls. This indicates that the rally has not lost steam. Profit booking was seen in a lot of scripts which brought the index down however the psychological level of 22200 was not broken. The supports for Nifty are at 22002, 21882, 21596 to 21547 is a very strong support zone for Nifty now. The resistances on the upper side for Nifty are at 22249 and 22297. The channel top currently seems to be near 22514.