Indian Market Outlook: January 31, 2023


NIFTY is likely to open positive.


NIFTY short-term support is between 17400-17450 and resistance is between 17900-17950.

BANKNIFTY short-term support is between 39400-39500 and resistance is between 41500-41600.


Max pain for NIFTY has decreased to 17750.

Max pain for BANKNIFTY has decreased to 41000.

Max pain for USDINR is same at the 81.50.


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: Under control.










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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