BankNifty Market Structure & Trade Plan for 29th July

🔵 BankNifty Analysis (as of 28th July close)

🧠 Market Context

Price is currently around 56,050, sitting right on a key demand support zone between 56,000–56,200.

The higher timeframe (4H & 1H) structure remains bearish, with a series of lower highs and lower lows.

Price has broken below the mid-range support (56,200) and is retesting it.

If this zone fails, the next strong demand is near 55,800–55,900.

Supply zones above remain heavy, especially between 56,600–57,200.

📌 Market Structure (4H & 1H Combined)

Trend Bias: Bearish

4H:

Lower highs and lower lows intact.

Strong supply overhead at 57,000–57,300.

Demand holding weakly at 56,000–56,200.

1H:

Price consolidating at demand after a sharp sell-off.

No sign of a reversal yet; bounce attempts look corrective.

🗺️ Key Zones

Immediate Resistance (Supply)

56,600–56,800 (minor supply)

57,000–57,200 (major supply)

Immediate Support (Demand)

56,000–56,200 (current demand; being tested)

55,800–55,900 (next strong demand)

No Trade Zone

Between 56,200–56,400 → choppy, whipsaw risk.

📈 Trade Plan

Scenario 1 – Sell on Pullback (Preferred Bias)

Entry: Near 56,400–56,500 on rejection (15min bearish pattern)

SL: Above 56,650

Targets: 56,000 → 55,850

Scenario 2 – Breakdown Sell

If 56,000 breaks with volume

Entry: 55,950

SL: Above 56,200

Targets: 55,800 → 55,650

Scenario 3 – Countertrend Buy (Aggressive)

Only if 56,000 demand shows strong rejection with 15min bullish engulfing

Entry: 56,050–56,100

SL: Below 55,900

Targets: 56,400 → 56,600
(Low probability, high risk — not preferred unless clear confirmation).

✅ Bias for Tomorrow: Sell on rallies towards 56,400–56,500 unless strong demand rejection appears at 56,000.