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ICICI Bank was the star performer in the Nifty 50 and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock traded above all key moving averages now.

On the higher side, resistance for the Nifty is seen in the range of 22,700-22,775. The upside momentum is likely to accelerate once the all-time high of 22,775 is taken out.

The options data indicated that the Nifty is expected to face resistance at 22,800-23,000 levels in the coming sessions, with support at 22,500-22,400 levels.

A long build-up was seen in 61 stocks, including Balrampur Chini Mills, Aditya Birla Capital, UltraTech Cement, ABB India, and Mahindra & Mahindra.

Havells India, for instance, saw a breakout of its falling resistance trendline adjoining the highs of March 2 and April 8, and formed a big bullish candlestick pattern on the daily timeframe with healthy volumes.

As for the Nifty, going ahead, immediate support is expected around last Thursday’s low of 22,300, which coincides with the 20EMA (20-day exponential moving average), followed by the pivotal support of the bullish gap around 22,200.

A long build-up was seen in 65 stocks, including Hindustan Copper, Sun TV Network, Biocon, Granules India, and Dixon Technologies.

In the coming truncated week, the market is expected to consolidate with a positive bias, with focus on Fed interest rate decision, corporate earnings, monthly auto sales numbers, and manufacturing PMI data, experts said.

Nifty up move is unlikely unless Call writers exit from the 22,500 strike. This level is likely to act as a major hurdle for the index.

The options data indicated that the Nifty 50 may take support at 22,200 and 22,000 levels, with resistance at 22,500 and 22,600 levels.