Indian Market Outlook: July 24, 2023

 

NIFTY is likely to open neutral.

NIFTY short-term support is between 19600-19650 and resistance is between 19970-20020.

BANKNIFTY short-term support is between 45350-45450 and resistance is between 46300-46400.

Max pain for NIFTY is same at the 19800.

Max pain for BANKNIFTY has increased to 46000.

Max pain for USDINR is same at the 82.00.

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.

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-32-11012911.html

https://www.moneycontrol.com/news/business/markets/options-trade-an-earning-based-non-directional-options-strategy-in-tata-steel-11012891.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.