New Delhi, Jan 25 (IANS): A tough battle unfolded in the market as the Nifty remained highly volatile throughout the day. The sentiment may continue to lean towards the bears as the Nifty struggled to surpass the 21,500 mark, where call writers held substantial positions, said Rupak De, Senior Technical Analyst, LKP Securities.

Looking ahead, the trend is likely to remain sideways, fluctuating within the range of 21,300 and 21,500. Nevertheless, a decisive breakthrough above 21,500 could propel the index towards 21,700/22,000 in the short term, he said.

Vinod Nair, Head of Research, Geojit Financial Services said the benchmark indices closed on a negative note taking cues from the global market as the positive upside coming from the US economy delayed the optimism of a rate cut.

FIIs are in a selling mode as the yields on the US benchmark bonds rise. The broader market is unable to hold gains as the concerns of high valuations, subpar results, and persisting geopolitical tension in the Middle East, followed by an F&O expiry, are weighing down the market, he said.