Indian Market Outlook: February 02, 2023


NIFTY is likely to open negative.

NIFTY short-term support is between 17300-17350 and resistance is between 17720-17770.


BANKNIFTY short-term support is between 39400-39500 and resistance is between 41300-41400.


Max pain for NIFTY has decreased to 17700.

Max pain for BANKNIFTY has increased to 41000.

Max pain for USDINR is same at the 81.75.


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.




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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