According to me, Bank Nifty will find support at 31000 and we can see a rally towards 32150. When it reaches 32150, there will be a formation of pattern on . In case it breaks out, expect BnF to go to new ATHs which can be upwards of 33000.
How ever bank nifty will then find it difficult to successfully stay above the upper . Year after year we have seen Bank Nifty correct when it touches upper trendline on larger time frames. I then expect BnF to fall to levels between 29000-30000. Overall it will be seen as a healthy correction and the larger bull run may still remain intact.
Taking things as they come, our orientation should be in the direction market moves and not where it should move.
For 9th Jan expiry, short 30900 PE and below strike prices, and 32000CE and above can be looked at for shorting.