Banknifty Option Analysis

 

🔎 1️⃣ Overall Open Interest Analysis

• Total Call OI: 5,78,365

• Total Put OI: 5,62,719

• PCR (OI based): 0.97

📌 Interpretation of PCR = 0.97

• PCR near 1 → Market is balanced / neutral

• Slightly below 1 → Mildly bearish bias

• Not extreme → No panic or aggressive directional positioning yet

👉 Current positioning suggests range-bound to slightly cautious sentiment.

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🎯 2️⃣ Max Pain Strike

• ✅ Max Pain = 61,000

This is the strike where:

• Maximum option buyers lose money

• Writers (smart money) benefit most

📌 Meaning:

Market may try to gravitate towards 61,000 near expiry, unless strong momentum emerges.

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🧱 3️⃣ Strong Support & Resistance (OI Based)

🔴 Highest Call OI (Major Resistance)

• 61,000 CE → Highest Call OI
  → Strong overhead resistance

🟢 Highest Put OI (Major Support)

• 60,000 PE → Highest Put OI
  → Strong downside support

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📊 4️⃣ Market Structure Summary

Level	Interpretation
60,000	Strong Support
61,000	Strong Resistance
61,000	Max Pain Level

This suggests:

➡ Likely range: 60,000 – 61,000
➡ Break above 61,000 → Short covering rally possible
➡ Break below 60,000 → Long unwinding / fresh shorts

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🧠 5️⃣ Smart Money Clues

• Calls built heavily at 61,000 → Writers defending upside

• Puts built at 60,000 → Buyers defending downside

• PCR near 1 → Market waiting for trigger

This is typically a consolidation phase before breakout.

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📈 6️⃣ Strategic Outlook

If price sustains above 61,000:

• Expect short covering

• Next upside zones likely 61,500 / 62,000

If price breaks 60,000:

• Weakness may accelerate

• Next support likely 59,500 zone

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🏁 Final Market View

Current structure suggests:

🔹 Neutral to slightly bearish bias
🔹 Strong range between 60k–61k
🔹 Breakout pending
🔹 Expiry gravitation toward 61,000 (Max Pain)

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