Indian Market Outlook: May 07, 2024

NIFTY is likely to open neutral.

NIFTY short-term support is between 22300-22350 and resistance is between 22650-22700.

BANKNIFTY short-term support is between 48600-48700 and resistance is between 49500-49600.

Max pain for NIFTY is same at the 22500.

Max pain for BANKNIFTY has decreased to 49000.

Max pain for USDINR has increased to 83.50.

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):

Algo trading: 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/options-trade-an-earning-based-non-directional-options-strategy-in-dr-reddys-laboratories-12715990.html

Disclosure:

Portfolio: NIFTYBeeS, LIQUIDBeeS, HCL TECH, HDFC BANK, ICICI BANK, SBI, CONCOR, etc.

Current stock option trades open: None

We regularly trade weekly options.

__PRESENT