BANKNIFTY prediction for tomorrow 19 Jun 24

As we discussed, BANKNIFTY could not break the zone to the downside; instead, after a heavy bearish candle, it ended strong bullish with huge volatility.
If we look at the chart now:
The market took support at 50 EMA and gave a great bullish momentum. The market seems bullish right now. The market is moving in an uptrending channel right now. One can make a bullish entry after retracement. The market is going to be bullish in the upside channel and bearish in the downside channel.
Support levels: 50206, 49704, and 49040
resistance levels: 50909 and 50126

If we look at the OI data:
PCR = 1.34, which has increased from 0.94, shows a Bullish sign in the market. 50500 is working as max-pain. There has been a huge CE unwinding at lower levels today. Fresh CE writing is significantly higher on lower levels.
I am expecting the market:
Case 1: Bullish in upside trending channel.
Case 2: Bearish in the lower side of the channel.

Reason:

1. RSI 72 shows a Bullish Structure.
   
2. Price > EMA(13, 50, 200), which indicates the bull market for tomorrow session.
   
3. PCR = 1.34, which has increased from 0.94, shows a Strong bullish sign in the market.
   
4. Price> VWAP shows a bull market structure.
   

Verdict: Bullish
Case 1: Bullish in upside trending channel.
Case 2: Bearish in the lower side of the channel.

Plan of action:
Case 1: Bullish: Sell 50500 CE (Hedge it with 20/- premium CE)
Case 2: Bearish: Sell 50500 PE (Hedge it with 20/- premium PE)