Bank Nifty Analysis for 20Sept2023**Bank Nifty Analysis for 20/09/2023**
**Key Points:**
* The Bank Nifty rejected from the resistance level of 46315
* The market closed below the support level of 46154, indicating a bearish trend.
* It is possible that the market could retest the lower support level of 45600 in the coming days.
**Sub-Points:**
* **Support Levels:** 45800/45900
* **Resistance Levels:** 46000/46100/46200
**Trading Recommendations:**
* If the market opens gap up above 46000, wait for a breakout of 46100 before going long.
* If the market breaks below 45800, go short with a target of 45600.
**OI Data Analysis:**
* The OI data analysis shows that the strong support level at 45800/45900 is confirmed by the high PE writer volume.
* The strong resistance level at 46000/46100/46200 is also confirmed by the high PE writer volume.
**Overall Analysis:**
The Bank Nifty is in a bearish trend, and it is likely that the market will continue to decline in the coming days. However, it is important to note that the market is volatile, and there could be sudden reversals. It is therefore important to trade with caution and use stop-losses to protect your capital.
**Disclaimer:**
This analysis is for educational purposes only and should not be construed as investment advice. I am not a certified financial advisor, and I do not recommend any specific investment strategies. Please do your own research before making any investment decisions.
**Additional Notes:**
* Traders should keep an eye on the global markets for any major developments that could impact the Indian market.
* The upcoming earnings season could also have a significant impact on the Bank Nifty.
* Traders should be aware of the risks involved in trading options and should only trade with money that they can afford to lose
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