Banknifty Prediction for tomorrow 6th Feb 24

As we discussed yesterday, the market went sideways, and after 2 PM, bearish momentum started.
If we look at the chart data:
Prices have broken to the downside and have consolidated nicely today. It might touch the target marked on the chart. It has also broken 200 EMA to the downside. EMA has given an EMACrossover(13, 200), which shows the market has turned bearish.
If we look at the OI data:
PCR = 0.64 shows the market has a bearish sentiment. 45800 is MAXPain; also, 46000 has huge CE writing, which will provide a nice resistance to the upside.

I am expecting the market to fall more till the target is marked in the chart.
Reasons

1. The market has already given a breakout to the downside. (Bearish)
2. Price < EMAs shows a bearish market structure. (Bearish)
3. RSI < 40, which shows bulls are weak right now. (Bearish)
4. Price < VWAP shows a bearish sentiment in the market. (Bearish)
5. OI data shows PCR = 0.64, which shows the market is having bearish structure. (Bearish)

Verdict:
Bearish

Plan of action:
Sell 45700 CE (hedge it with 30rs CE).