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Bank Nifty Analysis For 22Sept2023

Short
NSE:BANKNIFTY   Nifty Bank Index
**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.
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