BNIFTY-In a Precarious position

BNIFTY: Closed at around 44800 just above its 200 DEMA.BNIFTY has multiple resistance levels beginning from 45000-48000 whereas 44400 on a closing basis remains its major support.
As per the chart pattern if BNIFTY gives a closing below 44400 expect a further 1000-1500 point fall. I will go long in BNIFTY only when it gives a close above 46000+(For educational purpose only)