Trade Setup-Nifty directional bias bearish; but may see technical pullback.

The expiry of weekly options is coming up on Thursday, and expiry-related trades will dominate the session. The highest Put open interest was at strike price 9,000 while the maximum Call OI is concentrated at 9,500.

As evident from options data, we are likely to have a range-bound session on Thursday.

Any up-move will remain limited in extent.

Thursday's session is likely to see the 9,310 and 9,365 levels act as key resistance. Supports will come in at 9,235 and 9,180 levels.

Just like the previous session, if the market witnesses any expiry-led moves on the upside, it will remain capped with the 9,500 level acting as a stiff resistance.

Overall, some range-bound consolidation and technical pullbacks may occur. Still, the broader directional bias will remain bearish in the immediate short-term following a breach of the downward from the area pattern.

A selective approach is advised for the day.

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