Banknifty analysis for 5th April

Interpretation of Banknifty Open Interest Data:


Banknifty has a maximum Open Interest on monthly basis Call side is  3.72 Lakh at Strike Price 30500  Put side is  3.20 Lakh at 29500

So Upper side 30500 is resistance  &  29500 is support.

BankNifty closed at 29904. 

Daily CandleBearish on the Daily Chart. 

Banknifty 1 Hour  Vedic chart : 

Banknifty Hourly Candlestick Vedic Chart


Banknifty Hourly Candlestick Vedic Chart

As discussed ,Banknifty has broken support on the chart and going towards support line of the home which is near 29750. If 30000 level will break tomorrow then 29800 level will see very fast. For the upward move, it has to break 30159 on 15 min chart.

Intraday Banknifty Spot levels for 5th April:



Buy above 29997 Target  30078  30159  30240  30330



Sell below 29835 Target  29754 29673 29592  29520

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