Indian Market Outlook: May 03, 2023


NIFTY is likely to open negative.

NIFTY short-term support is between 17950-18000 and resistance is between 18250-18300.

BANKNIFTY short-term support is between 42900-43000 and resistance is between 43800-43900.


Max pain for NIFTY has increased to 18100.

Max pain for BANKNIFTY has increased to 43300.

Max pain for USDINR is same at the 81.75.


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.







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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