Banknifty analysis 21 may 2025

 Here's a detailed intraday analysis for Bank Nifty (as of 21 May 2025):

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1. Price Action & Technical Chart (15 min)


Current Price: 54,932


RSI: 35.40 (near oversold zone)


EMA Levels:


50 EMA: 55,167


200 EMA: 55,049


Observation: Price is trading below both EMAs, showing bearish sentiment, but RSI indicates possible short-term reversal.

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2. Option Chain & OI Analysis (29 May Expiry)


Call Side (Resistance)


Strongest Call OI:


55,000: 10.85L


55100–55200: 2.85L–4.34L


PCR < 1, indicating call writing dominance


Change in OI: Negative across call strikes – unwinding seen


Put Side (Support)


Highest Put OI:


55,000 PE: 18.66L (Strongest base/support)


54500 PE: 6.21L


Put Writing seen at:


54500, 54800, 54900 (short-term support)

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3. PCR (Put-Call Ratio)


Overall PCR: 0.74 — Bearish bias


Falling PCR from 13 May onward — confirms gradual weakening

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4. Volume & Candlestick Insight


Volume spike seen at 54,400–54,500 — possible demand zone


Wick rejection at lower level + RSI near 35 — scope of bounce-back intraday

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Support Zones


S1: 54,400 (Strong rejection & visible bounce)


S2: 54,000 (Psychological)


S3: 53,800 (if breakdown continues)


Resistance Zones


R1: 55,000 (Major OI resistance & EMA confluence)


R2: 55,100–55,200 (Call writers active)


R3: 55,400+ (Major resistance zone)

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Intraday Trade Ideas


Scenario 1: Bounce from Support (Bullish Reversal Play)


Long near 54,400–54,500


Target: 54,900–55,000


Stop Loss: Below 54,250


Reason: RSI support, OI at 54500 PE, strong volume


Scenario 2: Rejection Near Resistance (Short the Rally)


Short near 55,000–55,100 (if price faces rejection)


Target: 54,600–54,500


Stop Loss: Above 55,200


Reason: OI resistance, EMAs above price, weak PCR

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Best Strategy for Intraday


Scalping / Reversal Traders: Buy near 54400 with quick exit at 54800–54900


Trend Continuation Traders: Wait for a pullback to 55000 and short if rejection is seen


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