Banknifty analysis for 8 apr 2025

 Based on the Open Interest (OI) analytics from the  BANKNIFTY (Monthly Expiry: 24 April 2025), here’s a breakdown of support, resistance, and a potential trade setup:

Key Observations:

1. Price Action:

Current Price: 49860.10 (down 3.19% / -1642.60 points)

PCR (Put/Call Ratio): 0.81 (Bearish sentiment — more calls than puts)

---

Open Interest Levels:

Major Resistance:

50,000 CE (Call OI is the highest here)

Huge call writing indicates strong resistance at this level.

Also, call OI has increased (fresh positions added), reinforcing resistance.

Major Support:

49,500 PE (Put OI is significant here)

Some put writing here indicates potential support.

However, OI Change data shows unwinding in puts at 50,000, which weakens that level as support.

---

OI Change:

49,500 PE shows Put unwinding, suggesting support is weakening.

50,000 CE shows Call addition, confirming it as a strong ceiling.

PCR Drop from 1.3+ to 0.81 indicates a shift towards bearishness.

Trade Plan (Scalping Bias):

Since you prefer scalping, here’s a suggestion:

Scenario 1: Gap-down or Weak Opening

Entry: If BANKNIFTY opens near 49,500 or lower and fails to hold that support.

Action: Look for put buying (e.g., 49,000 PE or 48,500 PE) if there's follow-through selling.

Target: 150–200 points lower, trail SL.

Stoploss: Above 49,700

Scenario 2: Pullback to 50,000 zone

Entry: If BANKNIFTY pulls back to 49,900–50,000 and gets rejected.

Action: Enter short (CE sell or PE buy) near resistance.

Confirmation: Watch for wick rejections or EMA resistance.

Target: 49,600–49,400

When to Avoid Entry:

If price consolidates between 49,600–49,900 with low volume and no clear OI buildup.