Indian Market Outlook: August 09, 2024


NIFTY is likely to open positive.

NIFTY short-term support is between 23900-23950 and resistance is between 24450-24500.

BANKNIFTY short-term support is between 49600-49700 and resistance is between 50800-50900.


Max pain for NIFTY has decreased to 24200.

Max pain for BANKNIFTY is same at the 50100.


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):

Algo trading: Under control.

https://www.sonicalpha.com/p/algo.html




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Trade setup:



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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