Bank Nifty is showing positive divergence on hourly which means price is diverging from the movement in . This can't be construed as a position but yes sell should also be avoided. formed on hourly chart suggests that still some heat is left for 28450-28400 in index. We would see whether index falls to 28450 and still shows positive divergence. Banknifty is having major support in the range of 28100-27980 range (trendline and retracement support). On the upside 28900 is major resistance.
28400-28500 zone is major . So we'll wait for index to rise for further short position as chances of minor bounce back from this zone is very high.