On downside 16625 and 16550 support zones and fresh buying levels with stop loss. Option traders use 16500 call option to buy and accumulate on the decline. For swing traders who are short in bank nifty future must trail stop loss at 16940 for target 16480.
For bank nifty future 16700-16800 is make or break zone. Above it expect recovery and below it will be a fresh breakdown and primary trend continuation.