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Below the Quote on F&O Expiry shared by Mr. Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd 

Nifty opened on a flattish note today and traded in a very choppy manner throughout the session. The index moved in a narrow range of 60–70 points, between 24780 to 24850, and ended the day with little change. It formed a small bodied candle on the daily chart and a tug-of-war between bulls and bears. For the week, Nifty has been stuck in a tight range of about 300 points over the last four trading sessions, showing a clear lack of momentum on either side. The index is facing selling pressure near the 25000 mark, but at the same time, bulls are actively defending the support zone around 24600. Interestingly, Nifty is hovering near its 20-day EMA for the past few sessions and has now formed an Inverted Hammer candle on the daily chart, suggesting potential for a reversal — but only if bulls step up from current levels. A decisive move above 25000 could reignite upward momentum, while a break below 24600 may open the door for further downside.

The FIIs long-short ratio is hovering near 20%  from past few sessions but index witnessed selling pressure from higher levels as follow up buying missing. Now if it manages to hold above 24700, up move can be seen towards 24950 and 25200 zones while a hold below the same could see weakness towards 24600 then 24450 zones.

On option front, Maximum Call OI is at 25000 then 26000 strike while Maximum Put OI is at 24000 then 23000 strike. Call writing is seen at 24800 then 26000 strike while Put writing is seen at 24800 then 24000 strike. Option data suggests a broader trading range in between 24300 to 25300 zones while an immediate range between 24600 to 25000 levels.

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