Banknifty analysis for 9 july 2025

 Here’s a detailed Bank Nifty intraday analysis based on charts and option chain/OI data (as of July 8, 2025):

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🔍 1. Price Action & Technical Levels 


Current Price: ~57240 (slightly below 57300 resistance zone)


Trend: Price is making higher highs & higher lows, indicating short-term bullishness.


RSI: ~59.36 — momentum is building up but not overbought, leaving room for upside.


Volume: Volume spike on green candles supports buyer activity.


🔧 2. Key Support & Resistance Levels


📈 Resistance Levels


1. 57300 – Psychological & OI-based resistance (seen in OI and price hesitation)



2. 57500 – Highest resistance buildup in OI (OI: 5.01L on Call side)



3. 57600–57800 – Next call writers stronghold


📉 Support Levels


1. 57000 – Strongest Put OI support (13.86L with 1.01L change), psychological round number



2. 56800 – Next base support from OI (2.34L)



3. 56500 zone – Previous consolidation area in price chart

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📊 3. Option Chain Analysis 


57300 CE has 1.95L OI and LTP of 648 with decline in OI → indicates possible short covering


57000 PE has highest OI among Puts, showing strong base


PCR (Put/Call Ratio) = 0.98 → Near neutral but slightly favoring bulls


📉 4. OI Trend and PCR Analysis 


OI buildup is more aggressive on Put side, particularly 57000, 57100 → bulls are active


Call writers losing grip from 57000 to 57300 (seen from OI reduction)


PCR Trend = Stable around 0.98 to 1.05 over recent days – suggesting no clear bearishness

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✅ Intraday Strategy Suggestion (Ideal Trade Setup)


🟢 Bullish Bias (if price sustains above 57300)


Trade: Buy on breakout above 57320–57350


Target: 57500 (next resistance), partial booking near 57400


Stoploss: 57180 (below minor support & previous swing)



🔴 Bearish Bias (if rejection from 57300)


Trade: Short near 57280–57300 rejection with wick or volume weakness


Target: 57050 (major put base)


Stoploss: 57360

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⚠️ Watchpoints for Scalpers (You prefer scalping):


Monitor 57300 CE and 57000 PE for rapid changes in OI and price movement.


Watch RSI near overbought levels >70 or divergence on 5m/15m timeframes.


Use VWAP or EMA (20/50) crossover on 5m chart to confirm direction.


Summary:


Type Level Action


Support 57000 Strong Put base, buy zone

Support 56800 Secondary support

Resistance 57300 Key hurdle (watch this closely)

Resistance 57500 Upside target



> Bias: Bullish above 57300 | Bearish if rejected again.


Thanks 

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