Nifty Bank index is holding on to its gains in the early trades today. The index is currently trading at 56,055, up 0.13 per cent. The advances/declines ratio is at 8:6. This has to remain in favour of the advances for the Nifty Bank index to go further higher during the day.

Nifty Bank outlook

Support is around 55,550 which can limit the downside during the day.

Intraday resistance is around 56,150. A break above 56,150 can take the Nifty Bank index up to 56,500 and higher in the coming sessions.

The near-term outlook will turn negative only if the index breaks below 55,550. In that case, a fall to 55,400 can be seen first. A further break below 55,400 will then increase the downside pressure and drag the index down to 55,000.

Nifty Bank Futures

The Nifty Bank May Futures (56,240) is down about 0.2 per cent.  Supports are at 56,100 and 55,950. We expect the contract to sustain above these supports.

The outlook is bullish. A rise to 57,000-57,500 looks possible in the coming days. A decisive break above 56,600 can trigger this rise.

The downside will open up for a fall to 55,600 only if the contract breaks below 55,950.

Trade Strategy

Traders can go long on dips at 56,140 and 56,070. Keep the stop-loss at 55,860. Trail the stop-loss up to 56,220 as soon as the contract goes up to 56,340. Revise the stop-loss up to 56,460 and 56,620 when the contract touches 56,530 and 56,680 respectively. Exit the long positions at 56,740.

Supports: 56,100, 55,950

Resistances: 56,470, 56,600

Published on May 7, 2026