Banknifty analysis for 23 apr 2025

 Based on the data from (OI , option chain, and price chart), here's a detailed breakdown:

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1. Major Support and Resistance Levels


Support Zones:


55200: Highest Put OI (9.20L) and strong addition.


55300 – 55400: Also decent Put writing (8.05L and 4.78L) which reinforces support here.


EMA 50 on chart (~55316): Acts as dynamic support on the 15-min timeframe.



Resistance Zones:


56000: Major Call OI (25.47L), strong resistance.


55900: Decent Call writing too (6.21L).


55700 – 55800: Call OI is gradually increasing, watch this as intraday resistance.


2. PCR (Put Call Ratio) Analysis


PCR ~1.14: Slightly bullish bias, showing more confidence in puts.


Earlier days show rising PCR with consistent Put OI buildup, suggesting bullish sentiment.


On 21st April, Put OI > Call OI — this confirms a bullish undertone for expiry week.

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3. Price Action & Technical Indicators


Current Price: 55559.20


15-min Chart: Price consolidating above EMA 50 and well above EMA 200.


RSI: Around 45.67, showing a healthy cool-off after an overbought zone, preparing for the next move.

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4. Trade Plan (Scalping or Swing)


If Scalping (Intraday):


Buy Call near 55300-55400 if price bounces from EMA 50 + support zone.


SL: Below 55200


Target: 55700–55900


Buy Put near 55900-56000 if rejection or bearish candle appears.


SL: Above 56100


Target: 55600–55400


If Swing Trade:


Wait for a break and close above 56000 with volume for a bullish swing.


Or, breakdown below 55200 may signal short-term reversal and short trade.

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Ideal Entry Strategy:


Watch price action at 55400–55300 zone during market open.


Enter when you see a bullish reversal candle (hammer / engulfing) near support.


Confirm with RSI bouncing from 45–50 zone.


Entry with minimal risk and defined stop loss.

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