As we discussed NIFTY yesterday, it ended sideways.
If we look at the chart now:
the market is trading ATH in the zone where it got heavy selling from this region. NIFTY is going to be sideways unless it breaks the GREEN trendline to the downside. The inside marked region (22617-22766) is sideways.

If we look at the OI data:
PCR = 1.21, which indicates the bullish market. 23200 CE have been written heavily. Other strike prices do not have significant writing. Everyone is in the waiting phase. As you can see in FII and DII data, actively also, options are indecisive.

If we see FII & DII data, FII is strongly bullish on the future. Pros and Clients are Bearish on the future. Options data is indecisive, which shows that the market is likely to open sideways.
There can be three possible cases:
Case 1: Low probability Bullish case -> market breaks to the upside
Case 2: The market is going to be sideways in (22617-22766).
Case 3: If it breaks the trendline, then it can give a good bearish momentum.

Reasons:

1. Price >> EMA(200), that need to be corrected. EMA(13) slop is getting flat. Which indicates bulls are getting weak.
2. RSI = 55 and having bearish divergence. Also, RSI is entering the 40-60 range, which might lead it to go sideways.
3. Nifty is trading in the resistance zone.
4. PCR = 1.21 shows bullishness. but FII and DII activity is totally indecisive.