NIFTY OUTLOOK & LIVE OPTION TRADING TIPS FOR 09 MAY 2023

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The Nifty50 had a strong day as it remained higher throughout the May 8 session. The index recouped all of its Friday losses to close at a new 2023 high, driven by banking and financial services, auto, FMCG, technology and metals stocks. The index opened higher at 18121 and extended gains later in the day, reaching 18287 later in the session. Finally, the index jumped 195 points, to 18264, forming a bullish candlestick pattern on the daily charts that made higher highs and higher lows. The index has successfully surpassed the short-term resistance at 18275. It needs to hold on to march towards the 18,300-18400 area with support at the psychological 18200 mark. After reversing, the index successfully cleared the short-term resistance at 18250, which is broadly positive. On the daily charts, the index has formed a bullish candle and is currently trading comfortably above the 18250 level, which would be the sacrosanct level of support. Above that, the index could rally to 18325 -18375 , while on the other side, below 18150 , the uptrend would be vulnerable. On the options front, weekly maximum open interest for calls was 18450 strikes, followed by 18350 strikes and 18250 strikes, with call writing at 18550 strikes, then 18450 -18350 strikes, while maximum put open interest was at 18250 strikes, followed by 18150 and 18000 strikes, with Put standing at 18250 strikes and then 18350 strikes. The options data above showed that the trading range for Nifty50 is expected to be 18,000-18,500 in the coming sessions. Bank Nifty opened positive at 42797 and extended its move towards 43419 during the session. The index ended the day with decent gains of 623 points, or 1.46%, at 43284 and formed a large bullish candle on a daily basis as there was good buying in bank stocks, but failed to surpass the previous day's high. The index needs to continue holding above the 43000 level to offset a move towards 43,600 then 43800 while on the downside support is expected at 43000 then 42800. Volatility is up for another session. The India VIX, which measures expected volatility over the next thirty days in the Nifty, rose 2.76% to 12.64 from 12.30. Broader markets also gained strength, with the Nifty Midcap 100 and Smallcap 100 indices each up around 1%.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

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