Banknifty analysis for 3 apr 2025

 Banknifty analysis:

Key Observations:

1. Current BankNIFTY Level: 51,348.05 (+520.55, +1.02%)


2. PCR (Put-Call Ratio):


Overall PCR: ~0.99 (indicating a balanced market)


Historical PCR Trend: Previously higher (1.47) but declining, suggesting call writing dominance.


3. Open Interest (OI) Analysis:


Strong Call OI Resistance: 51,500 & 51,000 (major call buildup)


Strong Put OI Support: 51,000 (highest put buildup), 51000 & 50900 also have decent put OI.


Support and Resistance Levels:


Major Resistance (Upside Levels):


51,500: Significant call OI buildup, acting as a strong resistance.


51,600: Minor resistance, but further confirmation needed.



Major Support (Downside Levels):


51,000: Key support level based on highest put OI buildup.

50,900: Additional minor support.


Trade Plan:


Bullish Trade (Buy on dips):


Entry Zone: Around 51,000–51,100 (if price holds and reverses)


Target: 51,500


Stop Loss: Below 50,900



Bearish Trade (Short on rejection):


Entry Zone: Near 51,500 (if price shows weakness)


Target: 51,100


Stop Loss: Above 51,600


Ideal Trade:


Watch for price action around 51,000 for a long position.


Look for a reversal pattern near 51,500 for a short trade.


Confirm with intraday trends before entering.




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