Indian Market Outlook: January 08, 2024

NIFTY is likely to open neutral.

NIFTY short-term support is between 21450-21500 and resistance is between 21800-21850.

BANKNIFTY short-term support is between 47600-47700 and resistance is between 48600-48700.

Max pain for NIFTY has increased to 21700.

Max pain for BANKNIFTY is same at the 48100.

Max pain for USDINR is same at the 83.25.

Can look for Long CALL/Short PUT on the drop.

At our short-term levels, directional trades can be tried.

Last Trading Day's Highlights for us (algo trading):

Algo trading: 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-low-risk-high-probability-options-strategy-in-currency-pair-usdinr-3-12012701.html

https://www.moneycontrol.com/news/business/markets/options-trade-a-low-risk-non-directional-options-strategy-in-nifty-11-12012711.html

Disclosure:

Portfolio: NIFTYBeeS, LIQUIDBeeS, HCL TECH, HDFC BANK, ICICI BANK, SBI, etc.

Current stock option trades open: None

We regularly trade weekly options.

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