Banknifty analysis for 21 apr 2025

 Here’s a quick technical + OI-based analysis of BankNIFTY :

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1. Price Action & Chart Overview:


Current Price: 54,290 (+2.21%)


High: 54,467


Breakout Zone: Price has clearly broken above previous resistance trendline and key levels around 53,200–53,500.


Indicators:


RSI ~75: Strong momentum, but nearing overbought territory.


EMA (65-200 cross): Bullish crossover confirms trend change.


Supertrend: Buy signal active.

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2. Open Interest (OI) Insights:


a) PCR Trend:


Current PCR (OI): 1.18


PCR Rising Trend: Indicates bullish sentiment is strengthening.


b) OI Buildup:


Highest Put OI: 54,000 – Strong support.


Highest Call OI: 54,500 – Immediate resistance.


54000 Strike: Strong addition in Put OI, while Call OI has been unwound – clear bullish tilt.

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3. Key Levels:


Support:


54,000 – Strong Put OI base, fresh additions.


52,500 – Previous resistance and EMA support.


Resistance:


54,500 – Heavy Call writing.


Beyond 54,500, next resistance is ~55,000 psychological zone.

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4. Trade Plan:


Aggressive Entry:


Buy on Dip near 54,000–54,100 if price holds with strength.


Stop Loss: Below 53,800


Target: 54,450 / 54,900


Conservative Entry:


Buy on Breakout above 54,500 with volume.


Target: 55,000–55,300


Stop Loss: Below 54,250


Avoid Shorting for Now unless:


Price gets rejected twice from 54,500+ and RSI shows divergence.


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