Banknifty analysis for 1 apr 2025

1. Price Action (Chart)

Bank Nifty is at 51,564.85, showing a minor decline of -11 points (-0.02%).

The price is consolidating in a tight range after a previous uptrend.

There is resistance around 51,800-52,000 and support near 51,025-50,666.

RSI at 55.66 indicates a neutral zone—neither overbought nor oversold.

Volume shows a spike, suggesting some accumulation or distribution.

2. Options Chain Analysis

Call Writers Active: The 51,500 CE has 54.27L OI, meaning strong resistance.

Put Writing at 51,500: PCR is 1.23, indicating some support but not very strong.

Highest OI in Puts: 51,200 PE has the highest support among Puts with 17.97L OI.

Long Unwinding: The presence of unwinding indicates weak bullishness.

Trading Plan

Bullish Bias if:

Bank Nifty crosses and sustains above 51,800-52,000 with volume.

RSI moves above 60, showing strength.

Call unwinding happens at 51,500 CE.

Bearish Bias if:

It breaks 51,500 with heavy selling.

50,666-51,025 is a critical support zone; breaking this can lead to 50,400-50,000.