Indian Market Outlook: February 03, 2023

 

NIFTY is likely to open positive.

NIFTY short-term support is between 17400-17450 and resistance is between 17750-17800.


BANKNIFTY short-term support is between 39750-39850 and resistance is between 41300-41400.


Max pain for NIFTY has decreased to 17600.

Max pain for BANKNIFTY has decreased to 40600.

Max pain for USDINR has increased to 82.00.


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: Closed in a loss.







Trade setup:
https://www.moneycontrol.com/news/business/markets/options-trade-an-earning-based-non-directional-options-strategy-in-state-bank-of-india-9995331.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.



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