Banknifty prediction for tomorrow 3 June | Monday

As we discussed, the Banknifty sideways and bullish structure market gave a volatile move in the uptrending channel range, as we discussed in case 1.

If we look at the chart now:
The market took very nice support from 200 EMA and is moving in an uptrending channel. The market is also making an inverted Flag & pole pattern, which is a bearish pattern. If the market breaks the pattern to the downside, it might make a nice bearish move.
Support levels: 200 EMA, 448487, 48223, 48000
resistance levels: 49061, 49315, 49650

If we look at the OI data:
PCR = 0.76, which has fallen from 0.82, shows the market is turning to a bearish side. 49000 is max pain. Maximum positions have been added at 49500 and 50000. on the lower side, 48500 and 48000
People are making Strange for election results. That can also be seen on the chart.
People are making short strangle in a wide range as premiums are already skyrocketing.
I am expecting the market:
Case 1: Sideways in the uptrending channel.
Case 2: if the market breaks the channel to the downside, the market will turn bearish.
With a good volatility market in upcoming sessions because VIX is 24.60.

Reason:

1. RSI is 40-60 shows a sideways structure.
   
2. Price > EMA(13, 50, 200), which indicates a bullish market structure, but as it is moving in the channel bullish direction is not yet confirmed
   
3. The last two candles have given good volume at the buy candle as well as good volume at the sell-off, which indicates sideways market pressure.
   
4. PCR = 0.82 shows good market bullish sign.
   
5. Price > VWAP shows that a bullish market structure.
   

Verdict: Sideways in the channel and bearish if it breaks to the downside.

Plan of action:
Case 1: Sideways: Sell 49200 CE & 48500 PE (Hedge it with 50/- premium options)
Case 2: Bearish: Sell 49200 CE (Hedge it with 50/- CE option)