Nifty Prediction for tomorrow 9 Feb 24

As we have discussed, Nifty has had a bearish structure for the past 2-3 sessions. Nifty was moving in a symmetrical triangle pattern, which is a neutral pattern. Today, it has broken down to the downside, the same as we have been discussing.
Now, if we look at the chart:
The market has successfully broken to the downside and has retraced 200 EMA, and a sharp fall came after that. The Market had good pullback from level 21670 provided price action support in the last 30 min with a very good volume surge. The upper side of 200 EMA will provide a nice resistance level.

if we look at OI data:
PCR = 0.69 shows a market bearish structure. MaxPain = 21700 has a very nice PE Writing, which will be acting as a good support zone; also confirmed by the Price Action level. Lower side 21500 also has nice PE writing, which indicates the next strong level of support.
If bears are able to break 21700 to the downside, I am expecting the market to fall till 21500.
Reasons:

1. Price < EMAs. which indicates a bearish market structure. (Bearish)
   
2. Breakdown of the symmetrical triangle pattern to the downside confirms the market's bearish structure. (Bearish)
   
3. 200 EMA is working as a good resistance point. Also, rejected price with incremental volume. (Bearish)
   
4. OI data PcR = 0.69 is mild Bearish.
   
5. RSI ~ 40 shows weak bull power. (Bearish)
   
6. EMA(13, 200), bearish crossover. (Bearish)
   

Verdict:
Bearish

Plan of action:
Sell 21700 CE if 21700 is broken to the downside. (hedge it with 20 rs CE)