Indian Market Outlook: June 08, 2022

NIFTY is likely to open positive.

NIFTY short-term support is between 16220-16270 and resistance is between 16560-16610.

BANKNIFTY short-term support is between 34700-35800 and resistance is between 35530-36630.

Max pain for NIFTY has decreased to 16450.

Max pain for BANKNIFTY has decreased to 35000.

Max pain for USDINR is same at 77.50.

Can expect sharp movement after RBI MPC meeting outcome.

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-a-non-directional-options-strategy-in-state-bank-of-india-4-8656421.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.