As we discussed Banknifty, Banknifty opened a gap up and then ended sideways.
If we look at the chart now:
The market is trading at the resistance zone. It has successfully respected the 4H-TH resistance zone, and a significant sale was made in the last 30 minutes. Banknifty gave very nice bull momentum last week. The market needs to consolidate (or correct) at this point. RSI is also showing bearish divergence.

If we look at the OI data:
PCR = 1.08 (1.18 -> 1.08), which indicates Bears are increasing their position in the market.
49000 will be acting as Max-Pain. There is not much resistance on the upper side till 49500. the lower side’s next best support is 48500.

If we see FII & DII data, FII is strongly bullish on the future. Pros and Clients are Bearish on the future. Options data is indecisive, which shows that the market is likely to open sideways.
I expect the market to be sideways or bearish.

Reasons:

1. Price >> EMA(200), that need to be corrected. EMA(13) slop is getting flat. Which indicates bulls are getting weak.
2. RSI = 55 and having bearish divergence. Also, RSI is entering the 40-60 range, which might lead it to go sideways.
3. BN is trading in the resistance zone. And Fib 1.414.
4. PCR = 1.08, which has been falling from 1.34-> 1.18-> 1.08, which shows bears are increasing their positions in the market continuously.