NIFTY Special session analysis 20 Jan 24

NSE is running special trading sessions to test the disaster management platform. There is no compulsion to participate in the trading for today. But if you wish to, here is the analysis that you can follow.
Nifty Broke went to the downside but quickly recovered and came back inside the descending triangle pattern (Trend continuation pattern). Yesterday, It felt resistance at 200 EMA and résistance trendZone.
If nifty breaks the pattern to the upside, it may go to level 21819. But as it is testing day, only a few traders might participate, which might lead to sideways momentum.
Reasons:

1. The market is trading at 200 EMA resistance. It's a make-and-break point. Let the pattern break and enter after retesting.
   
2. OI data PCR = 0.84(weekly) shows amilg bullish signal. That means if it breaks to the upside, it might give nice targets till 21819, marked on the chart.
   
3. RSI 40 - 60, which is a sign of a sideways market. If it breaks 60 to the upside, it means the market is going to be bullish. Otherwise, don't enter with the option of buying inside the range 40-60. you can go with selling.
   
4. Price > EMA(13,50) but 200 EMA still providing resistance. go bullish once it's broken and retested.
   
5. VWAP is at 21700, which will also be acting as resistance. (sideways or bullish.)
   

Verdict:
Sideways if it's inside the pattern OR if it breaks to the upside, go bullish after retest.

Plan of action:
Go for option selling, as many factors are in favor of a sideways market, too.
Wait for 15 minutes for the candle to enter after retracement.