Technical Analysis For Banknifty

**Date:** September 28, 2023

**Key Levels:**

* Resistance: 44962
* Support: 44465, 44200, 44000
Asper OI: Support:
Not Good Strong Support Levels
Resistance is: 45000 Big Then 44700/44800


**Analysis:**

* The market is currently in an uptrend, but it is facing resistance at the 44962 level.
* If the market is able to break above 44962, then a good bullish trend can be confirmed.
* The first support level is at 44465. If the market breaks below this level, then a fall is possible.
* The second support level is at 44200. If the market breaks below this level, then a further fall is possible.
* The third support level is at 44000. If the market breaks below this level, then a significant fall is possible.

**Trading Strategy:**

* If the market opens gap-up above 44600, then traders should wait for a pullback to one of the support levels before entering a long trade.
* If the market opens gap-down, then traders should wait for a confirmation of the downtrend before entering a short trade.
* Traders should always use stop-loss orders to protect their capital.

**Example:**

A trader is bullish on the market and wants to enter a long trade. The trader waits for the market to pull back to the 44465 level. The trader then enters a long trade with a stop-loss order below 44400.

If the market is able to break above 44962, then the trader will make a profit. If the market falls below 44400, then the trader will exit the trade with a small loss.

**Proper Technical Analysis:**

* The technical analysis above is based on the following key points:
* The market is currently in an uptrend, as evidenced by the rising trendline.
* The market is facing resistance at the 44962 level.
* The market has three key support levels at 44465, 44200, and 44000.
* The trading strategy above is based on the following key points:
* Traders should wait for a confirmation of the trend before entering a trade.
* Traders should always use stop-loss orders to protect their capital.

It is important to note that this is just a sample technical analysis and trading strategy. Traders should always do their own research before making any trading decisions.