Indian Market Outlook: January 16, 2024

NIFTY is likely to open neutral.

NIFTY short-term support is between 21850-21900 and resistance is between 22150-22200.

BANKNIFTY short-term support is between 47700-47800 and resistance is between 48500-48600.

Max pain for NIFTY has increased to 22000.

Max pain for BANKNIFTY has increased to 48000.

Max pain for USDINR has decreased to 0.00.

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):

Algo trading: 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-earnings-based-non-directional-options-strategy-in-federal-bank-12057681.html

Disclosure:

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

Current stock option trades open: None

We regularly trade weekly options.

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