Indian Market Outlook: January 23, 2023

 

NIFTY is likely to open positive.

NIFTY short-term support is between 17850-17900 and resistance is between 18220-18270.


BANKNIFTY short-term support is between 41840-41940 and resistance is between 43150-43250.


Max pain for NIFTY is same at the 18100.

Max pain for BANKNIFTY has increased to 42500.

Max pain for USDINR is same at the 81.50.


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

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




Last Trading Day's Highlights for us (algo trading):
Weekly BANKNIFTY strategies trades: Under control.








Trade setup:





Disclosure:

Portfolio: NIFTYBeeS, LIQUIDBeeS, HCL TECH, HDFC BANK, ICICI BANK, SBI, etc.

Current stock option trades open: None

We regularly trade BANKNIFTY weekly option.



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