Banknifty analysis 23 may 2025

 Based on charts and data (OI Analytics, Option Chain, and 1-hour chart of Bank Nifty), here's a detailed intraday analysis for 23 May 2025:

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1. Key Technical Levels

Support Zone


Immediate Support: 54800 (based on price action + Put OI buildup)


Stronger Support: 54500 (Max Put OI - 6.08L)


Additional support from 200 EMA near 54007, strong dynamic support.


Resistance Zone


Immediate Resistance: 55000 (Heavy Call OI - 11.91L)


Major Resistance: 55500 (Highest Call OI - 13.72L)


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2. Option Chain Insights (29 May Expiry)


PCR (Put/Call Ratio): 0.74 → Bearish bias (more Call writing than Put writing).


OI Buildup:


Calls: High at 55000 & 55500


Puts: Strongest at 54500, decent at 55000, weak beyond that.

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3. OI vs Time Analysis


Consistent Call OI > Put OI → indicating bearish to rangebound sentiment.


PCR has dropped slightly over time → strengthening bear side.

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4. Chart Analysis (1H Timeframe)


Price trading below both 50 EMA and 200 EMA.


RSI near 49.25 → Neutral zone, no overbought/oversold signal.


EMA bearish crossover (50 below 200).


Trend: Mildly bearish unless price reclaims 55000 with volume.

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5. Intraday Trade Plan (23 May)


Scenario A: Price Rejection from 55000


Trade: Sell near 55000 (resistance + strong Call OI).


Target: 54600 → 54400


SL: 55150 (above resistance)


Scenario B: Breakdown below 54800


Trade: Sell on breakdown with volume confirmation.


Target: 54500 → 54350


SL: 54930


Scenario C: Bullish Reversal (only above 55000)


Trade: Buy above 55050 with volume


Target: 55300 → 55500


SL: 54880

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Conclusion (Best Probability Trade)


High Probability:

Intraday short near 55000 with SL above 55150 due to-

Strong Call writing

Bearish PCR


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