Indian Market Outlook: August 30, 2024


NIFTY is likely to open positive.

NIFTY short-term support is between 24950-25000 and resistance is between 25250-25300.

BANKNIFTY short-term support is between 50800-50900 and resistance is between 51500-51600.


Max pain for NIFTY has increased to 25100.

Max pain for BANKNIFTY is same at the 51200.


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



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Trade setup:


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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