Indian Market Outlook: February 02, 2023

NIFTY is likely to open negative.

NIFTY short-term support is between 17300-17350 and resistance is between 17720-17770.

BANKNIFTY short-term support is between 39400-39500 and resistance is between 41300-41400.

Max pain for NIFTY has decreased to 17700.

Max pain for BANKNIFTY has increased to 41000.

Max pain for USDINR is same at the 81.75.

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):

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/currency-options-a-low-risk-and-high-probability-options-strategy-in-currency-pair-usdinr-11-9986941.html

https://www.moneycontrol.com/news/business/markets/options-trade-an-earning-based-non-directional-options-strategy-in-hdfc-9986981.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.