Nifty Bank began today’s session with a gap-down at 55,863 compared to Monday’s close of 56,264. The index is now trading at 55,950, down nearly 0.6 per cent.

The advance/decline ratio stands at 2/14, showing a bearish bias. Kotak Mahindra Bank (up 1.3 per cent) and HDFC Bank (up 0.2 per cent) are the only gainers.

On the other hand, Union Bank of India (down 2.4 per cent) is the top loser followed by Canara Bank (down 2.1 per cent) and IDFC First Bank (down 1.7 per cent). 

Nifty Private Bank has gained 0.1 per cent whereas Nifty PSU Bank is down 1.1 per cent so far today. Therefore, the public sector banks are the ones broadly dragging Nifty Bank index.

Nifty Bank futures

The May expiry Nifty Bank futures opened today’s session lower at 56,399 versus yesterday’s close of 56,608. They are now hovering around 56,320, down 0.5 per cent.

The chart shows that Nifty Bank futures (May) have their nearest support and resistance at 56,100 and 56,750, respectively. Given the divergence in performance between the private banks and the public sector banks, there is a good chance for Nifty Bank to stay flat. 

Therefore, Nifty Bank futures (May) are likely to consolidate between 56,100 and 56,750 and only a clear breakout of this range will lend us clues about the direction of the next leg of trend.

A breakout of 56,750 can open the door for a rally to 57,750 whereas if the support at 56,100 is breached, Nifty Bank futures (May) can decline to 55,150.

Trade strategy

Refrain from taking fresh positions. Traders can consider fresh positions along the direction of the break of the 56,100-56,750 range. 

Supports: 56,100 and 55,150

Resistances: 56,750 and 57,750

Published on April 28, 2026