The Nifty Bank index failed to get a strong follow-through rise above 56,200 over the last couple of days. It has come down and is trading at 55,675 today, down 0.66 per cent. The advances/ declines ratio is at 3:11.

Nifty Bank Outlook

An important support is around 55,500, which is holding well for now. If the index manages to sustain above this support and rise past 55,800, it can get some relief. In that case, a rise to 56,000 can be seen again.

The Nifty Bank index will come under more pressure if it breaks below 55,500. Such a break can drag it down to 55,400-55,350 during the day.

Nifty Bank futures

The Nifty Bank May futures (55,813) is down 0.84 per cent. The contract has declined below a key support level of 55,950. It can now fall to 55,600, the next crucial support. Failure to bounce back from this support can drag the contract further down to 55,400-55,350 going forward.

Even if the contract manages to bounce back from around 55,600, a rise above 56,000 will be needed to turn the outlook positive. Only then can levels of 56,500 be revisited.

Trade Strategy

Traders can stay out of the market today. Watch what happens to the support at 55,600 and how the market closes for the week today. Trades can be taken accordingly next week.

Supports: 55,600, 55,400

Resistances: 55,950, 56,000

Published on May 8, 2026