risk reward is in favor of buying
A normal market move exhausts after 2 ATR. The last two swings were normal market moves. A quick look at OI suggests that 8M contracts believe market will fall and 4M contracts believe that markets will go up. So that is the pain which can fuel the rally to the upside. 254 is a resistance from daily and should be watched carefully. Adding on to the above there is a sort ATR contraction happening along with respecting 50 ema. Contraction leads to expansion. These build the case.