Indian Market Outlook: August 02, 2023

NIFTY is likely to open negative.

NIFTY short-term support is between 19550-19600 and resistance is between 19850-19900.

BANKNIFTY short-term support is between 45000-45100 and resistance is between 46300-46400.

Max pain for NIFTY is same at the 19700.

Max pain for BANKNIFTY is same at the 45600.

Max pain for USDINR is same at the 82.25.

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.

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-hpcl-11077201.html

Disclosure:

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

Current stock option trades open: None

We regularly trade BANKNIFTY weekly option.