Indian Market Outlook: January 02, 2023

NIFTY is likely to open negative.

NIFTY short-term support is between 17900-17950 and resistance is between 18430-18480.

BANKNIFTY short-term support is between 42400-42500 and resistance is between 43840-43940.

Max pain for NIFTY has increased to 18200.

Max pain for BANKNIFTY is same at the 43000.

Max pain for USDINR is same at the 82.75.

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-currency-pair-usdinr-7-9796921.html

https://www.moneycontrol.com/news/business/markets/options-trade-a-non-directional-options-strategy-in-power-finance-corporation-2-9796871.html

Disclosure:

Portfolio: NIFTYBeeS, LIQUIDBeeS, HCL TECH, HDFC BANK, ICICI BANK, SBI, etc.

Current stock option trades open: None

We regularly trade BANKNIFTY weekly option.