Indian Market Outlook: May 17, 2023

NIFTY is likely to open neutral.

NIFTY short-term support is between 18180-18230 and resistance is between 18410-18460.

BANKNIFTY short-term support is between 43400-43500 and resistance is between 44400-44500.

Max pain for NIFTY has decreased to 18300.

Max pain for BANKNIFTY is same at the 43900.

Max pain for USDINR is same at the 82.25.

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

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/options-trade-an-earning-based-non-directional-options-strategy-in-rec-10601611.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.