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Following a positive start, the Nifty experienced a downturn, shedding nearly 200 points from its peak during the day. Looking at today's expiration, the Nifty is expected to encounter selling pressure at higher levels, given the significant Call writing observed at both At-The-Money (ATM) and Out-of-The-Money (OTM) strikes. Notably, the 22200 Call strike in Nifty holds substantial Open Interest (OI) of around 139 lakhs shares, while the 22000 Put strikes also exhibit significant OI, standing at approximately 75 lakhs shares.

In the context of Bank Nifty, we anticipate the possibility of an upward trajectory if it can maintain levels above 47200. However, the current trend appears to be balanced with numerous uncertainties, deviating from the clear direction observed earlier in the week.