Magnetoresistance measurements have been exploited to gain information on the magnetic microstructure of two Ni/NiO nanogranular materials consisting of Ni nanocrystallites (mean size of the order of 10 nm) embedded in a NiO matrix and differing in the amount of metallic Ni, ~33 and ~61 vol%. The overall conductance of both samples is metallic in character, indicating that the Ni content is above the percolation threshold for electric conductivity; the electric resistivity is two orders of magnitude smaller in the sample with higher Ni fraction (10(-5) Ωm against 10(-3) Ωm). An isotropic, spin-dependent magnetoresistance has been measured in the sample with lower Ni content, whereas both isotropic and anisotropic magnetoresistance phenomena coexist in the other material. This study, associated with magnetization loop measurements and the comparison with the exchange bias effect, allows one to conclude that in the sample with lower Ni content neither the physical percolation of the Ni nanocrystallites nor the magnetic percolation (i.e., formation of a homogeneous ferromagnetic network) are achieved; in the other sample physical percolation is reached while magnetic percolation is still absent. In both behaviors, a key role is played by the NiO matrix, which brings about a magnetic nanocrystallite/matrix interface exchange energy term and rules both the direct exchange interaction among Ni nanocrystallites and the magnetotransport properties of these nanogranular materials.