Indian Market Outlook: May 22, 2023


NIFTY is likely to open neutral.

NIFTY short-term support is between 18000-18050 and resistance is between 18410-18460.


BANKNIFTY short-term support is between 43400-43500 and resistance is between 44200-44300.


Max pain for NIFTY is same at the 18200.

Max pain for BANKNIFTY has increased to 43800.

Max pain for USDINR has increased to 82.75.


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.





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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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