Indian Market Outlook: May 09, 2022

NIFTY is likely to open negative.

NIFTY short-term support is between 16150-16200 and resistance is between 16440-16490.

BANKNIFTY short-term support is between 34000-34100 and resistance is between 34700-34800.

Max pain for NIFTY has decreased to 16500.

Max pain for BANKNIFTY has decreased to 34700.

Max pain for USDINR has increased to 76.75.

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.

Trade setup:

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