Banknifty analysis for 17 apr 2025

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

Chart Analysis (Technical):


Current Price: 53117.75


RSI (14): 67.69 – Near overbought zone, but still room for upside.


EMA Cross: Bullish crossover (50 EMA above 200 EMA), indicating upward trend strength.


Recent Breakout: The price has clearly broken out above 52000 zone with good momentum and volume.

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Open Interest (OI) Analysis (Expiry 24 Apr 2025):


Put-Call Ratio (PCR): 1.14 – Mildly bullish sentiment.


Max Put OI: At 53000 – strong support zone.


Max Call OI: Also at 53000 – suggesting immediate resistance, but if broken, a short covering rally may occur.


Fresh Put Writing: Significant addition at 53000 – confirms support.

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Support & Resistance Zones:


Major Support:


53000 (based on OI and breakout level)


50100-50250 (EMA and price structure)



Immediate Resistance:


53300-53400 (next visible Call OI buildup zone)


Psychological zone: 53500

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Trade Plan (Scalping/Swing):


Scenario 1: Pullback Entry


Entry: Around 53000-53050 (if market dips with strength still intact)


Stop Loss: Below 52850 (below support/OI build-up)


Target: 53400 / Trail beyond if momentum strong



Scenario 2: Breakout Trade


Entry: Above 53400 (on closing candle with volume)


Stop Loss: 53150


Target: 53800+


Avoid Entry If:

RSI > 70 and price shows reversal candle or diverges with volume



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