Bank Nifty - Daily analysis

After four trading sessions, the Bank Nifty found support at the 44,400 level and concluded the day on a positive note. For the Bank Nifty to sustain this momentum, it will be essential to overcome the resistance at the 45,000 level. Failing to breach this level could lead to a retest of support at 44,400. Given the prevailing weak global cues, there is a notable probability of a downward movement, potentially reaching support levels between 43,400 and 43,800. Should the current support level fail to hold, it could result in a significant Nifty drawdown, possibly in the range of -1% to -2%.