Indian Market Outlook: May 09, 2022

NIFTY is likely to open negative.

NIFTY short-term support is between 16150-16200 and resistance is between 16440-16490.

BANKNIFTY short-term support is between 34000-34100 and resistance is between 34700-34800.

Max pain for NIFTY has decreased to 16500.

Max pain for BANKNIFTY has decreased to 34700.

Max pain for USDINR has increased to 76.75.

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: 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/currency-options-a-low-risk-and-high-probability-options-strategy-in-usd-inr-2-8472431.html

https://www.moneycontrol.com/news/business/markets/options-trade-an-earnings-based-non-directional-options-strategy-in-cipla-8472441.html