If bulls don't come to rescue then 29500 is quite evident.

BANKNIFTY: Selloff was dominant on the last two sessions on daily charts . After the RBI policy, weakness took over resulting in a sell off. Prices closed below the TS line almost after 45 days of holding it. A minor support has been given away. The next key support zone is close to 30790 levels, the index is expected to take support here, breaking this key level will push the banknifty into deeper corrections and it may drag itself towards 29500 levels. Giving such deep targets is not feasible as of now, the important thing to consider is the key levels mentioned above. On the weekly charts RSI is just at 60, the price action in the coming week will be decide the final fate of the index.
Bharat Jhunjhunwala