Banknifty has a diagonal structure. So, if the market breaks the previous low, then the diagonal will continue further, and we can expect a minimum of 46197 to 45948. If it finds support there, then we can expect a minimum of 23 to 38% pullback wave.
Alternatively, if the gap-down doesn't sustain and breaks the diagonal pattern, then we can expect a range market initially, and if it breaks 47034, then the pullback will continue further.