Banknifty analysis for 16 apr 2025

 Here's a detailed analysis based on the BankNifty chart and OI data :

--

Chart (Technical Analysis)


1. Price Level & Trend:


Current Price: 52379


It recently broke above the 50 EMA  and 200 EMA  around the 50128–50130 range — bullish sign.


Strong price action above these levels suggests a bullish crossover, typically indicating trend reversal or continuation upward.


2. RSI (Relative Strength Index):


RSI is at 64.23, indicating strong momentum, but not yet overbought (70+). Still has upside room.


3. Key Levels:


Support Zones:


50100–50200 (Major Support) — 50 & 200 EMA zone + previous breakout zone


52000 (Psychological & OI support) — also supported by strong Put OI


Resistance Zones:


52500 — Highest Call OI buildup suggests strong resistance


52600+ — Any breakout above 52500 can trigger short covering and rally

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OI Data (Expiry: 24 Apr 2025)


1. PCR (Put Call Ratio): 1.02


Slightly bullish to neutral — buyers are gaining strength.


2. Highest OI Levels:


Calls: 52500 (Strong Resistance)


Puts: 52000 (Strong Support)


3. OI Change:


Huge addition in 52000 PE confirms strong short-term support.


Notable call writing at 52500 CE, which could limit upside for now.

---


Trade Plan


Scenario 1: Bullish Continuation (Breakout Trade)


Entry: Above 52500 with volume confirmation


Target: 52800–53000


SL: 52200


Scenario 2: Pullback to Support (Dip Buying)


Entry: Near 52000–52100 zone


Target: 52500


SL: 51750 (below support + previous candle base)



Avoid shorting unless price breaks below 52000 with volume and confirmation.



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