Banknifty analysis for 29 apr 2025

 Let's go step-by-step through data for BANKNIFTY (Expiry 29 May 2025):

1. Support and Resistance Analysis:


From the option chain:


Highest Put OI (Support):


At 55000 strike (9.60 L OI) — Major support.


Also, 55500 strike has good Put OI (9.41 L).



Highest Call OI (Resistance):


At 55500 strike (10.80 L OI) — Major resistance.


Above that, slight Call buildup at 55600 and 55700 but lesser compared to 55500.


From Price Chart :


Technical Support levels:


55190: 50 EMA  line.


54500: 200 EMA  line — very strong support.


Technical Resistance levels:


Around 55600–55700 zone (previous price rejection).


From OI Analytics :


PCR ~1.0: Neutral — slightly bullish but not highly aggressive.


Put buildup is almost equal to Call buildup — suggests consolidation around current levels.

---

Summary of Major Levels:


Support Zones: 55190 (50 EMA) → 55000 (Strong OI support) → 54500 (200 EMA, very strong support).


Resistance Zones: 55500 (OI heavy resistance) → 55600-55700 (technical chart rejection).

---


2. When to Enter a Trade:


Long (BUY CALL) Opportunity:


Entry near 55200–55190 zone (close to 50 EMA support).


If spot BANKNIFTY sustains above 55200, it can target 55500 first.


Safe aggressive entry can be after a 15-min candle closing above 55500.


Short (BUY PUT) Opportunity:


If BANKNIFTY gets rejected from 55500–55600 resistance zone.


Or breaks down and sustains below 55150, it could fall toward 54800 or even 54500.



Risk Management:


SL for Long: Below 55150.


SL for Short: Above 55650.


Always wait for candle confirmation (not just wicks).





---


My Strategy Suggestion:


Wait for BANKNIFTY to either dip closer to 55190–55200 for a bounce (long)

OR


Wait for BANKNIFTY to reject near 55500–55600 for a fall (short).


Consolidation between 55000–55600 is likely until a clear breakout/breakdown.

---


In Simple Words:

"Buy near 55200, Target 55500+, Stoploss 55150."

"Sell near 55500–55600, Target 55200–55000, Stoploss 55650."

.


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