Oct 26, 2024 - BANKNIFTY Weekly Analysis

#BankNifty Breakdown or Big Move Ahead? Key Levels & Market Sentiment You Can’t Miss! Weekly Chart Analysis Bank Nifty has dropped below the 20EMA on the weekly timeframe, down by 7.5% from recent highs . It’s approaching a critical support level at 49,600—a zone to keep a close watch on . #BankNiftyOptions #chart_sab_kuch_bolta_hai

#BankNifty Daily Chart Insights Unlike #Nifty50, which broke below its neckline, Bank Nifty is still trading within a range of 50,195 to 51,500 . This range could indicate consolidation, especially with wide daily candlesticks . #BankNiftyOptions

#BankNiftyOptions Open Interest (OI) Data OI data reveals caution among market participants: 50,800 CE added 4.99L in OI, while 50,800 PE added 1.46L 51,000 CE 11.99L, with 51,000 PE unwinding 8.09L in OI 51,200 CE 5.39L, and 51,200 PE unwound 3.96L #banknifty

#StockMarket Sentiment - #BankNiftyOptions This trend of significant Call (CE) additions and Put (PE) unwinding suggests that traders are positioning for potential resistance . As #BankNifty faces pressure on the upside, it’s a key signal of cautious sentiment and resistance ahead