BANKNIFTY analysis for today 21 JUN

As we discussed, BANKNIFTY was in the sideways channel today,
If we look at the chart now:
The market had a bearish momentum from resistance initially, but after that, it took support and went high till the given level.
Support levels: 51163, 50485, and 49700 or 200 EMA
resistance levels: 51836 and 52450

If we look at the OI data:
PCR = 1.09, which has decreased from 1.34, shows a bearish sign in the market. 50450 is working as max-pain. There has been a huge CE Writing at 51400 and 51500.
I am expecting the market:
Case 1: Sideways in range 51163-51836.
Case 2: Bearish if breaks to downside.

Reason:

1. RSI > 50 is showing divergence, which might lead to some corrections.
   
2. Price > EMA(13, 50, 200), which indicates the bull market.
   
3. PCR = 1.09, which has decreased from 1.34, shows a bearish market.
   
4. Price> VWAP shows a bull market structure.
   

Verdict: Sideways or Bearish
Case 1: Sideways in range 51163-51836.
Case 2: Bearish if it breaks the 51163 to the downside.

Plan of action:
Case 1: Sideways-> Sell 51500 CE and 51500 PE (Hedge it with 20/- premium CE)
Case 2: Bearish: Keep Sell 51500 CE (Hedge it with 20/- premium CE)

Comment:

MARKET AT 50 ema- 15 MIN TIME FRAME. PROTACT YOUR PROFITS