As we discussed, Nifty has been moving in a sideways range-bound market in the range of 21500 and 21750. right now, it is on a support line. If it breaks to the downside, it can achieve a nice bearish target. But as we can see, it had formed an insider candle in the time frame. According to the OI data, PCR is 0.65 overall. The market has shown a bearish structure for the past 3 days. There are higher chances to break it to the downside. If it breaks to the downside, I am expecting it to fall nicely; otherwise, I will be playing range-bound Selling options.
Reasons:

1. Price < EMAs shows the bearish market. If it falls, a good target can be achieved. (Bearish)
2. RSI has dropped to the bearish zone (<40), which shows very weak bulls in the market. (Bearish)
3. OI data shows PCR = 0.65, which is assumed to be the bearish market condition. Today, CE was added in large quantities, which can be seen in the daily OI change. There is a huge CE writing on levels 21600, 21650, and 21700. (Bearish)
4. 21500 is MAX PAIN. If it breaks to the downside, a good fall can be seen in nifty till the level of 21120. (Bearish)
5. At the time of fall, volume is quite high today, but once it came to support a good volume of CE unwinding (Bearish)

Note: PA = Price Action