Nifty Under Stress: Will 22,800 Support Level Hold?

● The Nifty is currently trading near its immediate support zone around the 22,800 level.
● The open interest data reveals a notable surge in call OI at the 22,800 strike price, with call OI increased by 38 lakh shares in the last trading session.
● On the other hand, put OI also rose by 20 lakh.

● This activity suggests strong support at the 22,800 level, indicating it is unlikely to be breached easily in the near term.
● However, a break below this support level could lead to a downward move toward the 22,500 level.
● In the current scenario, the market is expected to remain range-bound and choppy in the upcoming week.