Please read this post along with my post on Nifty
to get complete perspective. Corona virus threat is back to haunt markets and that is showing on world indices that closed in red on Friday night. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content where I have talked a bit more about effect of corona virus on world and on Indian markets. Option chain shows trading range between 31000 to 31500 due to total OI build up on these strikes. At 31200, meaning ATM strike, like Nifty
total OI is slightly higher on Call side than on PUT side, a faint sign of weakness. However, I would say BNF was stronger than Nifty
on Friday since it finished as a higher high and higher low candle as compared to earlier candle on daily chart
but weakness in Asian markets can pull it down. As for levels, there is a buy area shown on 15 min chart and sell levels are near 31500.
All the best. Happy trading.