Indian Market Outlook: May 06, 2022

NIFTY is likely to open negative.

NIFTY short-term support is between 16400-16450 and resistance is between 16700-16750.

BANKNIFTY short-term support is between 34450-34550 and resistance is between 35300-35400.

Max pain for NIFTY has decreased to 16800.

Max pain for BANKNIFTY has decreased to 35500.

Max pain for USDINR is same at the 76.50.

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):

Weekly BANKNIFTY strategies trades: Closed in RED.

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-earnings-based-non-directional-options-strategy-in-reliance-industries-3-8461281.html