Indian Market Outlook: May 05, 2023

NIFTY is likely to open negative.

NIFTY short-term support is between 18040-18090 and resistance is between 18300-18350.

BANKNIFTY short-term support is between 43050-43150 and resistance is between 44000-44100.

Max pain for NIFTY has increased to 18200.

Max pain for BANKNIFTY has increased to 43500.

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: Closed in GREEN.

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-earning-based-non-directional-options-strategy-in-federal-bank-10530761.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.