TL;DR — Bank Nifty Quick View
- Close (May 8): 56,047.40 (+0.12%) | High: 56,334
- Broke out above 54,222–55,602 consolidation range
- Resistance: 56,334 → 57,000 | Support: 55,600 → 55,000
- Max OI at 56,000 CE and 55,000 PE for May expiry
- Key catalyst: SBI Q4 results + RBI June rate cut signals
Bank Nifty closed at 56,047.40 on Thursday May 8 (+0.12%), holding above 56,000 after breaking out of the 54,222–55,602 consolidation zone earlier this week.
Real Data — Thursday May 8
- Close: 56,047.40 (+66.35, +0.12%)
- Intraday High: 56,334.15
- Open: 56,114.00
- Week range: 54,222 (low) to 56,334 (high)
Technical Levels
Resistance: 56,334 → 56,800–57,000 (strong supply zone) → 57,500
Support: 55,602 (previous range top, now support) → 55,000 → 54,400 (must hold) → 54,000
What’s Dragging It
Kotak Mahindra Bank fell over 3% on Q4 NIM compression. HDFC Bank facing deposit cost pressures despite strong loan growth. Private banking Q4 season has been mixed.
What Could Break It Higher
- SBI Q4 results — strong NIM and clean asset quality
- HDFC Bank Q4 — positive FY27 NIM guidance
- RBI rate cut signals for June 2026 meeting
- Brent crude falling toward $85–88 (if US-Iran deal confirmed)
Options Data (May Expiry)
Maximum open interest at 56,000 CE and 55,000 PE — market expects Bank Nifty range-bound through May expiry. Move beyond either strike will trigger short-covering momentum in that direction.
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This article is for informational and educational purposes only. It is not financial advice. All analysis and predictions are personal opinion and may be wrong or work in the opposite direction. DalalReport is not SEBI registered. Please do your own research and consult a SEBI-registered advisor before investing. We accept no liability for any financial loss arising from reliance on this content.
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