Point to be taken into account while trading in bank nifty options

Bank nifty options are not very liquid, so I guess you need to consider the impact cost on it. Also since Bank nifty is generally a lot more volatile than Nifty, the option prices can move around quite a bit.

Otherwise, general rules of trading options applies for Bank nifty as well. Our varsity module on options should be quite helpful: http://zerodha.com/varsity/module/option-theory/