Indian Market Outlook: February 01, 2023

NIFTY is likely to open positive.

NIFTY short-term support is between 17300-17350 and resistance is between 17950-18000.

BANKNIFTY short-term support is between 39400-39500 and resistance is between 42000-42100.

Max pain for NIFTY is same at the 17750.

Max pain for BANKNIFTY has decreased to 40900.

Max pain for USDINR has increased to 81.75.

Can expect sharp moves based on the Union budget announcement.

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.

https://www.sonicalpha.com/p/algo.html

Upcoming Events:

Workshop:

http://www.pasitechnologies.com/p/trading.html

Prerequisite: 

http://www.pasitechnologies.com/p/prerequisite.html

More info:

https://www.pasitechnologies.com/p/trainer.html

Trade setup:

https://www.moneycontrol.com/news/business/markets/options-trade-an-event-based-non-directional-options-strategy-in-nifty-2-9975721.html

Disclosure:

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

Current stock option trades open: None

We regularly trade BANKNIFTY weekly option.