NIFTY is likely to open positive.
NIFTY short term support is between 16420-16470 and resistance is between 16770-16820.
BANKNIFTY short term support is between 34990-35090 and resistance is between 36200-36300.
Max pain for NIFTY has decreased to 16600.
Max pain for BANKNIFTY has decreased to 35500.
Max pain for USDINR is the same at 75.50.
Can look for Long PUT/Short CALL on the rally.
At our short term levels, directional trades can be tried.
Trade setup:
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