Indian Market Outlook: May 09, 2024

NIFTY is likely to open neutral.

NIFTY short-term support is between 22150-22200 and resistance is between 22450-22500.

BANKNIFTY short-term support is between 47700-47800 and resistance is between 48700-48800.

Max pain for NIFTY has decreased to 22350.

Max pain for BANKNIFTY has decreased to 48100.

Max pain for USDINR is same at the 83.50.

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):

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-an-earning-based-non-directional-options-strategy-in-state-bank-of-india-4-12717843.html

Disclosure:

Portfolio: CHOLAFIN, CONCOR, HCLTECH,  HDFCBANK, ICICIBANK, LIQUIDBEES, NIFTYBEES, SBIN, etc.

Current stock option trades open: None

We regularly trade weekly options.

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