Indian Market Outlook: August 07, 2024

NIFTY is likely to open positive.

NIFTY short-term support is between 23800-23850 and resistance is between 24450-24500.

BANKNIFTY short-term support is between 49400-49500 and resistance is between 50800-50900.

Max pain for NIFTY has decreased to 24200.

Max pain for BANKNIFTY has decreased to 50200.

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-apollo-tyres-2-12789172.html

Disclosure:

Portfolio: CHOLAFIN, CONCOR, HCLTECH,  HDFCBANK, ICICIBANK, LIQUIDBEES, NIFTYBEES, POLYMED, SBIN, TIMKEN, etc.

Current stock option trades open: None

We regularly trade weekly options.

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