Week's low i.e. 31963 is important for bulls, if broken it may invite bears to take charge. 32500 will strengthen bulls and force short positions to close.
Triangle has become so narrow, it may give a decisive move, (probably on the lower side), very soon.
Weekly patterns are quite reliable from medium to long term perspective.
Bank Nifty is far more volatile than Nifty , naked long or shorts are risky at current levels. Trade with utmost caution, in consultation with your financial planner.
Learn about low risk strategies, that are basically hedged positions in volatile markets. Write to me using direct message on this forum or tweet @i2gain, to know more.