Indian Market Outlook: February 09, 2023

NIFTY is likely to open positive.

NIFTY short-term support is between 17690-17740 and resistance is between 18000-18050.

BANKNIFTY short-term support is between 40800-40900 and resistance is between 42020-42120.

Max pain for NIFTY has increased to 17850.

Max pain for BANKNIFTY is same at the 41500.

Max pain for USDINR is same at the 82.50.

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.

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/currency-options-a-low-risk-and-high-probability-options-strategy-in-currency-pair-usdinr-12-10035781.html

https://www.moneycontrol.com/news/business/markets/options-trade-an-earning-based-non-directional-options-strategy-in-hindalco-industries-10035731.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.