To start with, I would advise you to hold your thoughts of trading in Bank Nifty. While traditionally it has always been a great choice to spice up the portfolio, currently given how the stock market has ballooned up and banking sector is standing on the shaky grounds, I would ask you to wait, look at the trends, analyze and then find a good entry point instead of just rushing in.
Once you have entered the market, there’s a host of tactics you can take up to identify the right opportunities and make better trading decisions. In my personal opinion, I would ask you to go for bank Nifty weekly options; that’s where hedges are usually placed with longer period options. Also, given just how volatile the weekly options are and how quickly the premium decay is, you need to do continuous analysis and make adjustments in your positions very actively.
Also, trading in bank Nifty, technical and derivative analytics are great techniques. However, it would require you to be smart and quick in your decision-making because the macro conditions can easily alter your trading strategy.
I do not trade in futures and Stocks options, so I cannot foretell you exact strategies. But I have seen my friends make fortune by a trading butterfly. Combining both bull and bear, this tactic is much more systematic with limited risk and consistent return.
Again, instead of focusing on any particular magical trading strategy, I would ask you to focus on the market first. Once you understand the market movements, you will automatically know what approach you would need to take when trading in bank Nifty to make more profits. Good luck.