Indian Market Outlook: May 09, 2023


NIFTY is likely to open neutral.

NIFTY short-term support is between 18030-18080 and resistance is between 18300-18350.


BANKNIFTY short-term support is between 42550-42650 and resistance is between 43500-43600.


Max pain for NIFTY has increased to 18200.

Max pain for BANKNIFTY has increased to 43200.

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.



Upcoming Events:

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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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