Bank Nifty Analysis For 22Sept2023
**Market Outlook**
The market has been in a downtrend for the past few days, and is likely to continue to be bearish tomorrow. The Bank-Nifty is expected to open gap-down, with a first resistance at 44600 and a second resistance at 45000. If the BankNifty breaks 44600 and closes a green candle on the 5-minute chart, then traders can go long. However, if the Nifty breaks 44200, then traders can expect further downside movement to 43900 and below.
**Key Support and Resistance Levels**
* Support: 43900, 43600
* Resistance: 44200, 44600, 45000
**OI Data**
The OI data for the market is not very bullish, with only 44500 having good support. On the resistance side, the market has strong resistance at 44800 and 45000.
**Trading Strategy**
Wait for the market to open and then watch the price action. If the Nifty opens a gap-down and breaks 44600, then traders can go long. However, if the Nifty breaks 44200, then traders can expect further downside movement to 43900 and below.
**Disclaimer**
This is just a professional stock market analysis for tomorrow, September 22, 2023. It is not financial advice, and traders should always do their own research before making any investment decisions.
The market has been in a downtrend for the past few days, and is likely to continue to be bearish tomorrow. The Bank-Nifty is expected to open gap-down, with a first resistance at 44600 and a second resistance at 45000. If the BankNifty breaks 44600 and closes a green candle on the 5-minute chart, then traders can go long. However, if the Nifty breaks 44200, then traders can expect further downside movement to 43900 and below.
**Key Support and Resistance Levels**
* Support: 43900, 43600
* Resistance: 44200, 44600, 45000
**OI Data**
The OI data for the market is not very bullish, with only 44500 having good support. On the resistance side, the market has strong resistance at 44800 and 45000.
**Trading Strategy**
Wait for the market to open and then watch the price action. If the Nifty opens a gap-down and breaks 44600, then traders can go long. However, if the Nifty breaks 44200, then traders can expect further downside movement to 43900 and below.
**Disclaimer**
This is just a professional stock market analysis for tomorrow, September 22, 2023. It is not financial advice, and traders should always do their own research before making any investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.