This chart is showing the daily activity of Nifty and today when Nifty closes at 15746, it seems a short covering rally rather than fresh buying.
Below is my analysis:
FII were net sellers in stocks today. They sold stocks worth Rs.1244.7 CR (it seems they are looking for opportunities to encash their positions in regular intervals.
FII made index position in negative 478.4 CR.
USDINR closes at 74.18, It is flat and giving no indications
Nifty level 15500 tested twice, and we have seen a good bottom out the bullish rally from this point, so 15500 becomes a good support for this month's expiry.
Nifty Bank level 34000 emerges as good support as of now. This level also tested twice in a couple of days, which seems to strong support for this expiry.
If 15900 breaks in big volumes, Nifty index can touch 16000, before a retracement. It needs the support of Financials (Nifty Bank) to move up, else it would be difficult in this month's expiry.
It seems for this expiry range would be between 15650 to 15950. A straddle of 15700 could be a good strategy to trade.
Thanks for reading.