Banknifty analysis for 7 apr 2025

 Open Interest (OI) analysis data, we can determine key support and resistance levels for Bank Nifty based on the OI build-up.

Support and Resistance Levels:


1. Major Resistance:


51600-51800: High Call OI buildup at these strikes indicates strong resistance.


51500: Significant Call OI presence, suggesting resistance if the price moves up.


2. Major Support:


51300-51400: High Put OI buildup at these levels indicates strong support.


51100-51200: Minor support seen due to Put OI accumulation.


Trade Plan Based on Analysis:


Bullish Trade Entry:


Entry: Above 51550-51600 (Only if sustained breakout with volume).


Target: 51750-51800.


Stop Loss: Below 51450.


Bearish Trade Entry:


Entry: Below 51400 (Only if breakdown with strong volume).


Target: 51200-51100.


Stop Loss: Above 51500.


Additional Insights:


PCR (Put Call Ratio) is around 0.99, meaning the market is in a neutral zone. If it moves above 1.2, a bullish bias may develop; below 0.8, a bearish bias may strengthen.


Multi-Strike OI shows strong Call writing at 51600, indicating traders expect resistance at this level.


Conclusion:


For scalping, watch price action around 51400-51500.


For positional trade, wait for a breakout above 51600 or breakdown below 51400 before entering.



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