Indian Market Outlook: June 04, 2024

NIFTY is likely to open neutral.

NIFTY short-term support is between 22850-23000 and resistance is between 23650-27000.

BANKNIFTY short-term support is between 50000-50100 and resistance is between 51900-52000.

Max pain for NIFTY has increased to 23000.

Max pain for BANKNIFTY has increased to 50000.

Max pain for USDINR has increased to 82.75.

Can look for Long CALL/Short PUT on the drop.

Expect sharp moves as the voting count progresses.

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-event-based-non-directional-options-strategy-in-nifty-12739789.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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