Indian Market Outlook: May 03, 2024


NIFTY is likely to open positive.

NIFTY short-term support is between 22500-22550 and resistance is between 22750-22800.

BANKNIFTY short-term support is between 48900-49000 and resistance is between 49900-50000.


Max pain for NIFTY has increased to 22700.

Max pain for BANKNIFTY has increased to 49300.

Max pain for USDINR is same at the 83.50.


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.





Trade setup:


Disclosure:

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

Current stock option trades open: None

We regularly trade weekly options.



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