Banknifty analysis for 24 apr 2025

 Here’s a complete analysis based on the option chain, chart, and OI analytics:

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1. Key Support & Resistance Levels (Based on Option Chain & OI)


Support Levels:


55000 PE: Highest PUT OI (28.12L), big OI addition (4.33L) — strong support.


55300 PE: 15.71L OI, 7.90L added — another decent support.


PCR near ATM is ~1.01 — suggests neutral to slightly bullish tone.


Resistance Levels:


56000 CE: Highest CALL OI (35.15L), addition of 9.92L — strong resistance.


55500 CE: 17.58L OI, 6.27L added — immediate resistance.

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2. Chart (15-min) Analysis:


Price: Hovering near 55318, under 50 EMA , but above 200 EMA 


RSI (14): Around 43.93, near oversold but not extremely low — potential for bounce.


Recent price action: Big fall from above 56800 with consolidation around current levels.

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3. OI Analytics:


Put Call Ratio (PCR): At 1.01 — indicates balanced market.


Put OI > Call OI around 55000-55300 — buyers defending support.


Total OI (Calls & Puts): Roughly equal — traders are waiting for a breakout/breakdown.

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Trade Plan (Scalping/Swing)


Scenario A: Bounce from Support (Bullish)


Entry: Near 55200-55300, after a bullish candle on 5 or 15 min TF with volume.


Target: 55500-55600


SL: Below 55100 or latest swing low.

> Ideal Option: 55300 or 55000 CE (premium bounce trade)

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Scenario B: Breakdown Below 55100 (Bearish)


Entry: If price breaks 55100 convincingly with volume, enter PUT side.


Target: 54800–54500 zone.


SL: Above 55300.

> Ideal Option: 55300 or 55200 PE


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Conclusion:


Support Zone: 55000–55300


Resistance Zone: 55500–56000


Watch price action near these zones + EMA rejection/support.


Wait for confirmation candles + volume to enter. Avoid entering in the middle of the range.


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