Banknifty analysis for 7 may 2025

 Based on charts and option data for Bank Nifty (Expiry: 29 May 2025), here's a comprehensive analysis:

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1. Price Action & Technical Chart


Current Price: 54271.40 (down -648.10 / -1.18%)


Pattern Observed: Sharp rejection from recent highs (~55,500), forming a lower high, indicating short-term bearishness.


RSI: 58.68, turning down – showing weakening bullish momentum.


Trendline: Price rejected from a downward sloping trendline.


Moving Averages:


50 EMA ~52074 (Support)


200 EMA ~50662 (Stronger support)


20 EMA ~closer to current level – might act as resistance now

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2. Option Chain Data Analysis (29 May Expiry)


Strongest Resistance Zone:


54500 CE: OI = 2.28L; LTP dropping (-36.22%) – significant writing


54400 CE: OI = 53730; CE price dropping – more resistance seen here


PCR (Put/Call Ratio): 0.83 – bearish bias



Strongest Support Zone:


54000 PE: OI = 11.78L – Highest PE OI = strongest immediate support


54300 PE & 54500 PE also show good build-up = gradual support above

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3. OI Chart & PCR Trend


PCR decreasing over the last few days = weakening bullish sentiment


Total Call OI > Put OI = Market leaning bearish


Heavy put unwinding in 54800 PE also supports resistance buildup

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Support & Resistance Levels

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Trade Plan Suggestion


Scenario 1: Bearish Setup (Current Bias)


Entry: On bounce near 54400–54500 (resistance zone)


Trade: Buy 54300 PE / 54000 PE


Target: 53800 / 53200


SL: Above 54600 spot



Scenario 2: Bullish Reversal (If 54500 breaks convincingly)


Wait for Breakout above 54500 + Retest


Trade: Buy 54500 CE or 54700 CE


Target: 55000 / 55300


SL: Below 54300 spot



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