Bankknifty prediction for tomorrow 6 Jun 24

Banknifty gave a really big bullish moment today. It's still an effect, and the market boomed 2000 points.

If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 48639, 47475, and 46504
resistance levels: 49528, 50161, 50938

If we look at the OI data:
PCR = 0.86, which has increased from 0.47, shows a huge bullish sign in the market. 49000 is the max-pain. Lower levels have better PE writing than higher levels. The market is making a completely bullish structure.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1: Sideways in range of 48639-49528.
Case 2: On either side, it breaks to either side's trade accordingly.


Reason:

1. RSI > 60 shows a bullish structure.
   
2. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure.
   
3. PCR = 0.86 has risen from 0.47 and shows great signs of bullishness.
   
4. Price > VWAP shows a Bullish market structure.
   

Verdict: Sideways in range of 48639-49528. and Volatile on either side, it breaks.

Plan of action:
Case 1: Sideways: Sell 48650 PE & 49500 CE (Hedge it with 20/- premium options)
Case 2: Exit the opposite position on either side. It breaks.