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Nifty opened on a flattish note today but failed to hold the 25250 mark and witnessed profit booking for most part of the session. For the fourth consecutive day, the index has been struggling to reclaim its 20-day EMA, which is currently placed around 25250. The absence of follow-up buying at higher levels and consistent selling pressure continue to weigh on sentiment. Throughout the week, Nifty has traded within a narrow range of 25000 to 25250, reflecting indecisiveness and lack of strong directional momentum. On the daily chart, the index has formed a bearish candle, while the weekly formation is a Doji — indicating a tug of war between bulls and bears at current levels. Going forward, as long as Nifty remains below 25300, the bias may stay negative with downside support seen near 25000. On the upside, immediate resistance is placed at 25250 followed by the 25400 mark.

The FIIs long-short ratio is hovering near 18%  from last few sessions and index is witnessing some sort of pressure on upper levels. Now till it holds below 25300, weakness can be seen towards 25000 and then 24800 zones while hurdles at 25250 and then 25400.

On option front, Maximum Call OI is at 25200 then 25500 strike while Maximum Put OI is at 25000 then 25200 strike. Call writing is seen at 25200 then 25500 strike while Put writing is seen at 25200 then 25100 strike. Option data suggests a broader trading range in between 24600 to 25600 zones while an immediate range between 24900 to 25300 levels.