As we discussed, the Banknifty bearish structure market gave a very nice momentum to the downside.
If we look at the chart now:
The market is trading at 200 EMA(30 min TF), which can provide potential support. Also, bank nifty is trading between fib 0.50 and 0.61, which might also be a good support zone. The price is trading lower than EMA(13,50) and above EMA(200). this zone is perfect for taking support for Banknifty.

If we look at the OI data:
PCR = 0.63 shows a bearish signal in the market. There is good writing on both sides at 48400 and 48500. 48000 has good PE writing, so it is going to provide a good support zone. on the upper side, 49000 is going to be a hard resistance zone because of heavy CE writing.

I am expecting
Case 1: Sideways in range 48400-48853.
Case 2: if the market breaks 48400 to the downside- Bearish
With a good volatility market in upcoming sessions because VIX is 24.2.

Reason:

1. RSI < 40 shows a weak bull structure. (Bearish)
2. EMA(13) > Price >= EMA(200), which indicates indecisive or rather sideways market. The market might receive support at 200 EMA.
3. The market has given a good volume spike that shows this level is good support.
4. PCR = 0.63 indicates bearish.
5. price < VWAP shows that a weak market structure can lead to a bearish market.