Indian indexes, which are holding above key levels, are expected to remain rangebound, analysts said.
The NSE Nifty 50 isn't just holding above the critical support levels but also inching closer to them, according to Jai Bala, founder and chief market technician at Cashthechaos.
Bala said the Nifty 50 and Nifty Bank indices are touching fresh all-time highs and moving back to the previous range. “There is no decisive move or breakout on either side.”
He said the Nifty 50 would be in a "safe zone" until it's above the 21,770 mark, but markets could break the critical support very soon.
Bala also said there will be an "euphoric high" in the Nifty Bank towards 50,000 and then a reversal.
The Nifty ended higher by 60.95 points, or 0.27%, at 22,464.80, while the Sensex gained 253.31 points, or 0.34%, to close at 73,917.03.
The markets edged higher, continuing Thursday's gains, said Ajit Mishra, senior vice president of research at Religare Broking Ltd. Posting an initial dip, the Nifty recovered to trade within a narrow range before closing at 22,480.55.
Mishra offered mixed views on sector-specific performance. The real estate, auto, and metal sectors were leading the gains, while the IT and pharma sectors closed in the red, he said. “Broader indices outperformed the benchmark, gaining between 0.8% and 1.6%.”
Mishra said the index inched higher amid positive global cues and rotational participation from index heavyweights, but the momentum remains slow. He recommended a "buy on dips" strategy, with a focus on stock selection.
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