Indian Market Outlook: August 04, 2023

NIFTY is likely to open neutral.

NIFTY short-term support is between 19290-19340 and resistance is between 19700-19750.

BANKNIFTY short-term support is between 44270-44370 and resistance is between 45550-45650.

Max pain for NIFTY has decreased to 19400.

Max pain for BANKNIFTY has decreased to 44600.

Max pain for USDINR is same at the 82.50.

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/options-trade-earnings-based-non-directional-options-strategy-in-sbi-11094251.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.