Indian Market Outlook: June 08, 2023

 

NIFTY is likely to open neutral.

NIFTY short-term support is between 18470-18520 and resistance is between 18800-18850.


BANKNIFTY short-term support is between 43700-43800 and resistance is between 44500-44600.


Max pain for NIFTY has increased to 18700.

Max pain for BANKNIFTY has increased to 44200.

Max pain for USDINR is same at the 82.50.


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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Disclosure:
Portfolio: NIFTYBeeS, LIQUIDBeeS, HCL TECH, HDFC BANK, ICICI BANK, SBI, etc.
Current stock option trades open: None
We regularly trade BANKNIFTY weekly option.




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