Banknifty prediction for tomorrow 21 Feb 24

As we have been discussing, Banknifty double bottom pattern nature in a couple of days. Today, it has broken successfully to the upside.

Now, if we look at the chart data:
The market has broken the double bottom neckline to the upside. There is a higher chance for the market to go upside down. The market path for now is clear till 47500. There is a resistance trendline at 47500, which might hold the market for a bit.

If we look at OI data:
PCR = 1.55 indicates the market's super bullishness. There is only a little CE writing at higher levels till 47500. The market is now in bulls control. 47000 is MAXPAIN. Once the market momentum starts, it will go directly to 47500.

I expect the market to go bullish till the resistance trendline.
Reasons:

1. Price> EMAs show the market is having bullish sentiments.
   
2. RSI > 60 shows the market is in a bullish region.
   
3. Price> VWAP shows the market is bullish and has a balanced Price with volume.
   
4. OI data PCR = 1.55 shows the market is in full bull's control right now. Also, 47500 will be providing the next resistance in the market, which is also the resistance trendline.
   

Verdict:
Bullish

Plan of action:
Sell 47100 PE (hedge it with a 30 rs premium)