Indian Market Outlook: May 08, 2024

NIFTY is likely to open neutral.

NIFTY short-term support is between 22150-22200 and resistance is between 22500-22550.

BANKNIFTY short-term support is between 48000-48100 and resistance is between 49000-49100.

Max pain for NIFTY has decreased to 22400.

Max pain for BANKNIFTY has decreased to 48500.

Max pain for USDINR is same at the 83.50.

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):

Algo trading: 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-larsen-toubro-2-12716986.html

Disclosure:

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

Current stock option trades open: None

We regularly trade weekly options.

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