NIFTY Prediction for tomorrow 6 Jun 24

NIFTY gave a really big bullish moment today. It's still an effect, and the market boomed 700+ points.

If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 22246, 21850, and 21293
resistance levels: 22640, 22832, 23151

If we look at the OI data:
PCR = 0.61, which has increased from 0.53, shows a bullish sign in the market. There is no such max-pain Market that is clearly bullish. There is only good CE writing at 23000, which is going to provide a huge resistance.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1: Sideways in range of 22253-22640
Case 2: On either side, it breaks to either side's trade accordingly.


Reason:

1. RSI > 60 shows a bullish structure.
   
2. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure.
   
3. PCR = 0.63 has risen from 0.53 and shows signs of bullishness.
   
4. Price > VWAP shows a Bullish market structure.
   

Verdict: Sideways in range of 22253-22640. and Volatile on either side, it breaks.

Plan of action:
Case 1: Sideways: Sell 22250 PE & 22650 CE (Hedge it with 20/- premium options)
Case 2: Exit the opposite position on either side. It breaks.