Banknifty Market Structure Analysis & Trade Plan : 17th August

📊 Market Structure (BankNifty)

🔹 4H Chart

Clear downtrend channel intact (lower highs & lower lows).

Price recently bounced from 54,600 demand zone and is hovering around 55,200–55,400 supply zone.

Overhead resistances at 55,800 → 56,200 → 57,200 remain strong.

Trend remains bearish-to-sideways until a clean break above 56,000+.

🔹 1H Chart

Price is consolidating between 55,200 (support) and 55,600 (resistance).

Sellers are defending 55,600; repeated rejections show supply pressure.

Below 55,200, next demand is 54,800–54,600.

🔹 15M Chart

Short-term structure: range-bound chop between 55,200–55,600.

Intraday traders should watch for a breakout/breakdown from this box for directional momentum.

🎯 Trade Plan for 18th August (Monday)

📈 Bullish Plan

Entry: Above 55,600 breakout (sustained with volume).

Targets:

55,800

56,200

Stop Loss: 55,350 (below breakout candle low).

Note: Only aggressive buying above 55,600; until then upside capped.

📉 Bearish Plan

Entry 1: On rejection near 55,600 zone.

Target: 55,200 → 54,800 → 54,600

SL: 55,700

Entry 2: Breakdown below 55,200.

Target: 54,800 → 54,600

SL: 55,400

⚖️ Neutral / Sideways Bias

If price stays between 55,200–55,600, expect chop.

Best to avoid over-trading inside this zone — wait for clear direction.

📝 Summary

Bias: Sideways-to-bearish unless BankNifty closes above 55,600.

Key Levels:

Support: 55,200 → 54,800 → 54,600

Resistance: 55,600 → 55,800 → 56,200

Strategy: Sell on rise near resistances until 55,600 is taken out. Only above 55,600 can we play for 56,200+.