Indian Market Outlook: August 23, 2023

NIFTY is likely to open neutral.

NIFTY short-term support is between 19250-19300 and resistance is between 19450-19500.

BANKNIFTY short-term support is between 43500-43600 and resistance is between 44400-44500.

Max pain for NIFTY is same at the 19350.

Max pain for BANKNIFTY is same at the 44000.

Max pain for USDINR is same at the 83.00.

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 Option strategies trades: Under control.

https://www.sonicalpha.com/p/algo.html

Last Trading Day's Highlights for us (algo trading):

Weekly Option strategies trades: Under control.

https://www.sonicalpha.com/p/algo.html

Trade setup:

https://www.moneycontrol.com/news/business/markets/options-trade-a-non-directional-options-strategy-in-bharat-electronics-9-11240161.html

Disclosure:

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

Current stock option trades open: None

We regularly trade weekly options.