Indian Market Outlook: May 06, 2022

NIFTY is likely to open negative.

NIFTY short-term support is between 16400-16450 and resistance is between 16700-16750.

BANKNIFTY short-term support is between 34450-34550 and resistance is between 35300-35400.

Max pain for NIFTY has decreased to 16800.

Max pain for BANKNIFTY has decreased to 35500.

Max pain for USDINR is same at the 76.50.

Can look for Long PUT/Short CALL on the rally.

At our short-term levels, directional trades can be tried.

Last Trading Day's Highlights for us (algo trading):

Weekly BANKNIFTY strategies trades: Closed in RED.

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