Banknifty analysis for 6 may 2025

 Based on the option chain, OI analytics, and chart data for Bank Nifty (as of 5 May 2025), here’s a detailed analysis:

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1. Major Support & Resistance Levels


Support Zones:


55000 PE has the highest OI among puts: 11.22L, indicating strong support at 55000.


Additional minor support can be seen at 54900 PE (OI: 1.68L) and 54800 PE (1.55L).


Chart-wise, a recent price dip is being held just around the 54800–55000 zone.


Resistance Zones:


55500 CE has significant OI: 10.91L, suggesting strong resistance here.


Additional resistance seen at 55200 CE and 55300 CE.


Chart shows consolidation and rejection near 55345 (today’s high).

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2. Put-Call Ratio (PCR) Analysis


PCR is 0.89, indicating a neutral to slightly bearish bias.


Historical PCR trend shows a steady-to-declining sentiment recently.

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3. Price Action & Technical View


Bank Nifty has pulled back from its recent high (around 55600–55700).


It is currently consolidating near 54900–55000 after a sharp uptrend.


RSI is cooling off around 65, still not in overbought territory, which is healthy.


4. Trade Plan Suggestion


For Swing Trade:


Buy near 54800–55000 support zone if price stabilizes with a bullish candle.


Target: 55300–55500 (resistance zone).


SL: Below 54600 (below intraday low/support).


For Intraday/Scalping:


Bullish Trade: Enter on bounce from 54800–55000, tight SL of 80–100 pts.


Bearish Trade: If price breaks 54800 decisively with volume, go short till 54500 or 54200.


Conclusion


Currently, Bank Nifty is in a consolidation phase after a rally. 55000 is a key level. Any bullish confirmation from this zone is a buy opportunity with limited downside. Avoid aggressive longs unless 55300–55500 is broken convincingly with volume.

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