NIFTY prediction for tomorrow 12 JAN 24

As we discussed, Nifty has been moving in a sideways range-bound market in the range of 21500 and 21750. also, today, it took very nice support from 200 EMA and activated buyers. But once it's moving in the range, it could not be better for option buyers. Right now, the only you can do is option selling with IRON CONDOR.
If we look at OI, we can see PCR = 0.7, which is leaned to the bear side.
The market has shown a bearish structure this whole week. 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 for Selling options.
Also, the market has formed an insider candle on the day's time frame. Unless this insider candle is cleared, I am expecting it to be range-bound between 21500 and 21750.

Reasons:

1. Price > EMAs shows the market still has a good bull control. (Bearish)
   
2. RSI ~ 50 increasing means bulls are trying to get the market to go up. But still RSI = 40-60 means still sideways. Once it breaks to RSI(60) upside, We can expect a nice bull move. (Bearish)
   
3. If we see OI 21650 and 21700 have a huge resistance wall, it means huge CE writing at those levels. (Bearish)
   
4. 21600 is MAX PAIN. If it breaks to the downside, a good fall can be seen in nifty till the level of 21120. (Bearish)
   

Verdict: Sideways unless breaks the range to either side.

Plan of action: Right now, you can go for IRON CONDOR. for range 21500-21750.
OR
Sell 21750 CE and sell 21500 PE (Hedge with 15rs PE and CE)