The last hour recovery has revived some hopes of a short covering rally at least.
It is a long wick hammer candlestick pattern on both nifty and bank nifty, on an EMA on RSI system, there is a mild Buy or consolidation signal on two hour charts.
Markets are oversold, some support from global markets can initiate a 100-150 points rally on Nifty anytime.
I would advise, avoid shorts above 11600, and trade on long side if it sustains above 11660 tomorrow. A closing above 11660 level will be a better confirmation of a short covering rally, that can take Nifty to 11740-11800 levels.
Please carry due diligence before taking any position in the markets.