Indian Market Outlook: May 02, 2022

NIFTY is likely to open negative.

NIFTY short-term support is between 16800-16850 and resistance is between 17120-17170.

BANKNIFTY short-term support is between 35740-35840 and resistance is between 36130-36230.

Max pain for NIFTY is same at the 17200.

Max pain for BANKNIFTY has decreased to 36300.

Max pain for USDINR is same at the 76.50.

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):
Weekly BANKNIFTY strategies trades: Under control.

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Trade setup:

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