Banknifty analysis for tomorrow 24 Jun

As we discussed, BANKNIFTY opened high at resistance and fell to 50 EMA. I also updated the chart during the day to protect profits. After that, it became a roller coaster having a sideways wild move.
If we look at the chart now:
The market is having huge volatility, taking support at 50 EMA again and again, which shows a healthy bullish structure.
Support levels: 51275 and 50723
resistance levels: 51833 and 52400

If we look at the OI data:
PCR = 1.08, which has changed from 1.09, shows mostly profit booking on both sides of the market. If we look at the last 2 hours, there was only CE and PE windoff. CE winding off was much larger than PE windoff. 51500 is working as max-pain. 52000 and 52500 have huge CE writing, and on lower levels, 51000 is going to provide very nice support as it has huge PE writing. If we look at CE writing, it is way more than PE writing today.
I am expecting the market:
Case 1: Sideways in range 51275 - 51833 .
Case 2: Go with the breakout on either side; it breaks.

Reason:

1. RSI 40-60 indicating sideways momentum;
   
2. Price > EMA(13, 50, 200), which indicates the bull market.
   
3. PCR = 1.08, which shows the market is still in the bull's favor.
   
4. Price > VWAP shows a bull market structure.
   

Verdict: Sideways or Bullish

Case 1: Sideways in the range 51275 - 51833.
Case 2: Go with the breakout on either side; it breaks.

Plan of action:
Case 1: Sideways-> Sell 51500 CE and 51500 PE (Hedge it with 20/- premium CE)
Case 2: Exit the opposite position on either side. It breaks the range.

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Target hit you can exit from the market...

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Target hit