Banknifty analysis for 13 Dec - Getting ready for Bulls

As Banknifty is trading in the accumulating channel, the market is getting ready for the bulls.

If we look at the chart now:
The market is trading at the 1H-TF support 50-EMA. The Price is trading below the ema(13, 50) and above 200. EMA shows the market is in a sideways phase. The market might take support here, as it is at the lower level of the channel and 200 EMA (15-min TF)
Support levels: 53170, 200 EMA (15H-TF), 52906
Resistance levels: 53607, 53821, 54291

If we look at the OI data:
PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53000, which is going to provide a good support level. Also, the upper side 53500 has good CE writing.

I am expecting the market to be bullish in upcoming sessions.
Reason:

1. market is accumulating in the channel-making flag and pole structure.
   
2. PCR = 0.9 shows that the Market is Bullish.
   
3. RSI 40-60 shows a sideways structure.
   
4. Price < VWAP shows the market is bearish right now.
   
5. Price is trading in the mother bar candle zone, which is going to be sideways.
   

Verdict: Sideways or Bullish

Plan of action:
Sideways: wait for the market to break out of the channel.
Inside the channel, you can channel range and play iron condor.