Indian Market Outlook: May 23, 2024

 

NIFTY is likely to open neutral.

NIFTY short-term support is between 22400-22450 and resistance is between 22750-22800.

BANKNIFTY short-term support is between 47400-47500 and resistance is between 48400-48500.

Max pain for NIFTY has increased to 22550.

Max pain for BANKNIFTY is same at the 48000.

Max pain for USDINR is same at the 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-a-high-probability-and-wide-range-option-trade-in-itc-ahead-of-its-result-12729980.html

Disclosure:

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

Current stock option trades open: None

We regularly trade weekly options.

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