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Indian shares declined on Friday, as profit booking emerged after the Nifty 50 scaled a record high, trimming weekly gains for the blue-chip indices

Nifty on Tuesday ended flat to form an indecisive Doji candle on the daily charts. The immediate resistance for Nifty is at 22,500, and a break above this on a closing basis would signal a resumption of the upward movement.

Nifty on Monday fell 161 points to form a bearish Engulfing pattern on the daily charts to hint at short-term top reversal for the market. The short-term trend of Nifty seems to have turned down and the next lower levels to be watched are around 22,100-22,050 levels.

"22,250-22,200 is likely to be seen as intermediate support, followed by the strong support of 22,150 and finally, the psychological mark of 22,000 from a broader term view. On the higher end, finding resilience is challenging in uncharted territory, though 22,600-22,650 could be seen as the following potent targets for Nifty in the upcoming week," said Osho Krishan, Angel One.

The blue-chip index NSE Nifty50 added 0.14% to 21,983, while the BSE Sensex gained 0.27% to 72,500. Both the benchmarks gained about 1% in February. In a volatile trading session on monthly derivative expiry, Nifty ended 32 points higher just above the 21-day Exponential Moving Average (21EMA). However, the prevailing sentiment appears somewhat negative from the current level.