NIFTY is likely to open negative.
NIFTY short-term support is between 16730-16780 and resistance is between 17160-17210.
BANKNIFTY short-term support is between 37000-37100 and resistance is between 39150-39250.
Max pain for NIFTY has increased to 17050.
Max pain for BANKNIFTY has increased to 38500.
Max pain for USDINR has decreased to 81.50.
Can look for Long PUT/Short CALL on the rally.
At our short-term levels, directional trades can be tried.
Disclosure:
Portfolio: NIFTYBeeS, LIQUIDBeeS, HCL TECH, HDFC BANK, ICICI BANK, SBI, etc.
Current stock option trades open: None
We regularly trade BANKNIFTY weekly option.
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