Banknifty analysis for 3 oct 2025
Step-by-Step Evaluation Sentiment from OI/PCR: OI Change: Net call OI +3.1L (bullish writing at 55,000–55,500 CE) and put OI +3.7L (bearish protection at 55,000–55,400 PE) suggest a balanced setup with slight bearish caution. Multi-strike peaks at 55,000 (put support) and 55,600 (call resistance) define key levels. PCR (0.96): Below 1 indicates call dominance, supporting a bullish bias, but the put buildup at 55,400 PE hints at potential profit-taking or hedging if spot falters. OI vs. Time: Steady call OI post-2 PM with PCR rebound from 0.83 suggests fading bullish momentum, aligning with late-session exhaustion. Price Action Confirmation: Candlestick Chart: Bullish engulfing near 55,000 support, recent green candles breaking 55,300, but upper shadows at 55,600–55,800 signal resistance. RSI ~65 (not overbought) supports continued upside, though a pullback to 55,000 is plausible by close. EMA Crossover: A 5-min EMA crossover above 55,300 (current spot) confirms bullish momentum, b...