On daily charts, even though Nifty gave a red candle, it again has a higher high and higher low than previous candle. Exactly same is with Bank Nifty (BNF). But now it seems steam is running out. Why? One, because BNF has hit 20 DEMA acting as resistance and two, there is hardly any fresh PUT writing (only 42 k) on the 11500 strike, which has highest total OI of 12.07 lks. Highest fresh PUT writing, of 3.57 lks, is at the strike of 11550. which is quite less as compared to fresh CALL writing on any strikes from 11600 to 11700. Highest total OI (18.22 lks) and highest fresh CALL writing ( 7.72 lks) on CALL side is at the strike of 11600. So one can conclude that 11500 is a weak support but 11600, 11650 and 11700 are all strong resistances as per option chain analysis. So trade should be taken on short side, even though buying will come at lower levels. Nifty SHORT levels are marked on chart. interestingly, corresponding SHORT levels on Banknifty also exist. So One can Short BNF at around 30,790 with a stoploss of 30,925 and target of around 30590.