Bank Nifty remained highly volatile and negative last week. Closing at 56,606 indicates further volatility, but the chances of further retracement look grim.
Analyzing both the bull and bear case scenarios:

Bulls – If Bank Nifty is able to cross and sustain above 56,937 and 57,182, we can expect the trend to continue until the next resistance zone of 57,950–58,162.

Bears – Only if Bank Nifty slips below the support range of 56,400–56,140 can we expect further retracement up to 55,400.

All levels are marked in the chart posted.