Bank nifty future today closed with a loss at 16866. 170 points or 1% drop seen today. Fresh half percent rise in open interest suggest a short addition. For tomorrow bank nifty, intraday support levels will be 16790 and 16750 while on upside expect supply from the market around 16950 and 17050 levels.
If bank nifty gives weekly closing below 16750 then it will be very bearish and bank nifty in that case will show lower level up to 16200.
Though I think nifty and bank nifty hit bottom and from here expecting a reversal. So short to medium traders can keep buy on decline view with stop loss for targets 17300 and above.
Option traders use now 16500 call options to buy on the decline with stop loss.