Banknifty analysis for 9 may 2025

 Based on data (BankNIFTY OI Analytics, Option Chain, and Chart):

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1. Major Support and Resistance (Based on OI and Chart):


Support Levels:


54000: Strong Put OI buildup (18.36L), PCR = 2.09 – a critical support zone.


54100–54200: Decent put writing here, adding strength.


53290 (SMA 200): Strong dynamic support from 200-period moving average on the chart.


Resistance Levels:


54500: Highest Call OI (5.82L), strong resistance zone.


54700: Increasing Call OI and strong rejection in price – next hurdle.


54800–55000 (Chart Levels): Price faced resistance around here recently.

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2. Technical Chart Analysis (1H Timeframe):


Price is currently trading below both 50 EMA  and 200 EMA , indicating a short-term bearish trend.


RSI ~33: Near oversold territory – suggesting a possible bounce or consolidation.


Recent candle wicks show buying around 54100, indicating demand in this zone.


3. Option Chain & OI Data Summary:


PCR ~0.8: Slightly bearish sentiment overall.


Call writing seen at 54500+: Suggests resistance buildup.


Put writing at 54000–54200: Implies base formation and support.


4. Trade Strategy (Scalping/Swing):


Bullish Intraday Setup (Scalp/Quick Buy Call):


Entry Zone: Near 54000–54100 (support + oversold RSI).


Confirmation: If price reclaims and holds above 54200 with volume.


Target: 54400–54500 zone.


SL: Below 53900.


Bearish Setup (Buy Put):


If Price Rejected from 54450–54500 zone again with volume.


Target: 54100 then 53850.


SL: Above 54600.

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Summary:


Major Support: 54000–54100


Major Resistance: 54500–54700


Sentiment: Mildly bearish but oversold, bounce possible.



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