Banknifty analysis for tomorrow 03 JAN 25

As we discussed, Bankanifty has been bullish today.

If we look at the chart now:
The market is trading at the resistance level. As the market has been very bullish today, it might have a consolidation tomorrow before the big bullish momentum to the upside. All important levels have been marked on the chart.
Support levels: 50 EMA, 51123, 50650
Resistance levels: 51639, 200 EMA, 51442 (minor), 52408,
.
If we look at the OI data:
PCR = 1.1, Which shows a good bullish market structure. 51500, 51000 has good PE writing, which will provide good support. On the upper side, 52000 has good CE writing, which is going to provide a good resistance level.

I am expecting the market to be bullish in upcoming sessions.
Reason:

1. Price > EMAs shows a Bullish market structure.
   
2. PCR = 1.1 shows that the market is bullish.
   
3. RSI = 67, showing the bullish market structure.
   
4. Price > VWAP shows the market is bearish right now.
   

Verdict: Sideways or Bullish

Plan of action:
Sell 51600 CE and Sell 51600 PE (Hedge position)
adjust according to the price action on given levels.