Banknifty Prediction for tomorrow 28 May

As we discussed, Banknifty's bullishness in past sessions has hit its target today.
If we look at the chart now:
The market has touched the target (49471), as we mentioned in the previous analysis. A huge fall was registered once the given target got hit. That means it's working as a good resistance zone for the upcoming session. Now, for the market to go further, it has to take some consolidation in the range (49168-49650), which is Fib level (0.38).

If we look at the OI data:
PCR = 0.98, which has fallen from 1.34. That indicates that it had a huge PE winding today, which can also be seen in the OI chart. There is a CE addition for 49500 and 50000, which is going to provide good resistance from now on. 49000 is good support at lower levels.

I am expecting a sideways in the range (49168-49650) with a good volatility market in upcoming sessions because VIX is 23+.

Reason:

RSI ~ 60 falling from the upside shows a good reduction in the bull's strength.
EMA(13) > Price > EMA(200), which indicates indecisive or rather sideways market..
The market is still making HH & HL, which shows bullishness, but a huge selling pressure from the upside shows lots of sellers' interest that might lead to a sideways market.
PCR = 0.98 indicates bullishness, but this has fallen from 1.34, which shows lots of profit booking on the upside.
price < VWAP shows that a weak market structure can lead to a bearish or sideways market.

Verdict: Sideways or Bearish

Plan of action:
Sell 49600 CE and 49100 PE (Hedge it with 15/- premium)

Note: Exit CE if it breaks 49700 to the upside & Exit PE if it breaks 49100 to the downside. But right now, there are more chances for the market to be sideways or bearish.