NIFTY analysis for tomorrow 19 Dec 24

As we discussed yesterday, the market was sideways and had huge volatility.

If we look at the chart now:
The market is looking bearish but also showing good bullish pull-ups. The market is near the support zone.
Support levels: 24127, 23970
Resistance levels: 24980, 24386, 24524, 24682

If we look at the OI data:
PCR = 0.4, which has decreased from 0.8, shows call addition at the higher level. The market has good PE writing at 24500 and 24400. Other levels, 24200, 24300, and 24300, will be showing good resistance at a higher level.


I am expecting
Case 1: Sideways in the range 24127 - 24350.
Case 2: Bearish if it breaks 24127 to the downside.
Reason:

1. RSI < 40 shows a good Bearish structure. (bearish)
   
2. Price < EMA(13, 50, 200), which indicates a good bearish structure. (Bearish)
   
3. PCR = 0.4 indicates a bearish market.
   
4. Price < VWAP shows a good bullish structure in the market.
   

 
Verdict: Bearish or Sideways
Plan of action:
In the range 24127 - 24350 Sideways. Go with an Iron condor.
Buy PUT if it breaks 24127 to the downside.