Banknifty analysis for 1 may 2025

 Based on Bank Nifty data (options chain, chart, and OI analytics), here's a complete breakdown


1. Support and Resistance Levels (Based on OI and Chart):


Major Resistance Levels:


55,500: Highest Call OI at 10.78L, strong resistance.


55,000: Significant Call OI at 8.04L. This is a psychological and technical resistance.


Major Support Levels:


55,000: Also has highest Put OI at 9.27L, showing it as a pivot zone.


54,800 – 54,600: Decent Put OI buildup here as well (93.3K and 75.2K respectively).


Chart-wise: Strong EMA crossover support around 51,700 – 52,000 zone.

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2. PCR & Market Sentiment:


PCR (Put/Call Ratio): 0.90 – Slightly bearish to neutral bias.


Falling PCR recently signals increased call writing (bearish bets).


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3. RSI and Momentum (Chart Insight):


RSI: 67 – Near overbought zone, but not extreme. Indicates slight caution.


Price Action: Sharp uptrend; today's candle shows a small red body (possible pause or pullback).


EMA 50/200 crossover: Bullish confirmation from March-April; trend remains up.


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4. Ideal Trade Setup (Short-Term):


Scenario 1: Bullish Bias (On pullback)


Buy Near 54,600–54,800 (support zone).


Target: 55,500+


Stop Loss: Below 54,400


Instrument: Buy 55,000 CE (if price dips, premium will be better) or buy futures.



Scenario 2: Bearish Intraday Scalping (if 55,500 rejected)


Short Near 55,400–55,500 resistance zone.


Target: 55,000–54,800


Stop Loss: 55,600


Instrument: Buy 55,500 PE


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Conclusion:


Bank Nifty is in an uptrend but facing resistance near 55,500. The smart play is buying on dips near 54,600–54,800 with tight risk control. If it spikes to 55,500 and rejects with volume, take an intraday short.

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