Banknifty analysis for 8 may 2025

 Let's analyze the Bank Nifty data based on the OI Analytics, chart, and option chain for expiry 29 May 2025:

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1. Major Support & Resistance Levels:


Support Levels:


54500 PE: Highest Put OI at 6.34L, indicating strong support around 54500.


54400 PE & 54300 PE: Also show good interest (2.84L & 2.26L respectively), making 54300–54500 a strong support zone.


Technical chart shows a wick rejection from below 54000, confirming support.



Resistance Levels:


55000 CE: Highest Call OI at 10.42L, indicating strong resistance.


54800–55200 CE: All have >1L OI, forming a resistance band above 54800.

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2. PCR (Put-Call Ratio):


PCR ~0.83: Indicates bearish to neutral sentiment (as it’s below 1).


Falling PCR over days (as seen in OI & PCR vs Time) suggests increasing call writing or put unwinding — hinting resistance buildup.


3. Technical Chart Analysis :


Price: 54610.90


Rejected from recent highs ~55600, currently consolidating.


RSI: 60.86 — neutral, with potential for upward move if supported.


21 EMA near 52174 & 50 EMA near 50681 — price is comfortably above, showing medium-term uptrend intact.

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4. Entry Plan (Scalping or Short-Term Swing):


Bullish Trade (Buy Call):


Entry Zone: On dip around 54300–54500 (support zone)


Confirmation: Look for price bounce with increasing volume + RSI holding above 55


Target: 54800–55000


SL: Below 54150



Bearish Trade (Buy Put):


Entry Zone: Near 54800–55000 (resistance zone)


Confirmation: Rejection candle / long upper wick on lower time frame + PCR continuing to drop


Target: 54500 / 54300


SL: Above 55200

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