BankNifty with its cmp at 10948 seems to be getting ready for a large 400+ points move on either sides. Target will be 10500 on downside and 11400 on upside. Option data suggests that 10900 Put writers have been aggressive in selling as we see maximum additions in open interest at 10900 PE. This suggests that BankNifty is more likely to give upside breakout and It may even target 11400 & 11800 in near term as is evident from highest reduction of open interest at 11000 CE followed by highest addition at 11800 CE.
Levels are marked in RED on option snapshot shown. Refer BankNifty Chart for confirmation of Demand/Supply zone.