Indian Market Outlook: May 05, 2022

NIFTY is likely to open positive.

NIFTY short-term support is between 16550-16600 and resistance is between 16930-16980.

BANKNIFTY short-term support is between 35000-35100 and resistance is between 36060-36160.

Max pain for NIFTY has decreased to 16900.

Max pain for BANKNIFTY has decreased to 35600.

Max pain for USDINR is same at the 76.50.

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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