NIFTY prediction for tomorrow 28 Feb 24

Let's discuss the NIFTY Expiry prediction for tomorrow which gave a very nice fall today.
If we look at the chart now:
The market is trading at the support trendline. Also, the market is near 200 EMA, which might provide good support at this point. 21912 has also proven to be good price action support in the past.
If we look at the OI data:
PCR = 0.6, which shows the bearish market structure. Above the side, there is quite the resistance at 22,000, 22100, and 22200. and there is little support if the current level is broken to the downside.
If we look at the FII & DII data, it directly indicates a bearish market structure where pros have heavily shorted options.
Now, there are two cases at this point.
Case 1: The market can take support at this support line. And move to the bull side.
Case 2: If the market is broken to the downside. It can give the target till 21587.
Reasons:

1. Price-taking support at 200 EMA, which might lead it back to bullish momentum after some consolidation.
   
2. Price < EMA(13) means bulls are not having much strength.
   
3. RSI < 40 shows weak bulls strength.
   
4. OI data PCR = 0.60 shows heavy bearish.
   
5. FII and DII data show heavy bearishness.
   

Verdict: Bearish

Plan of Action:
Case 1: Takes support at 200 EMA --> Sell 22000 PE (Hedge it with 20 rs PE)
Case 2: If the market is broken to the downside. --> Sell 21900 CE (Hedge it with 20 rs CE)