The beginning of the new month is likely to see a positive opening for domestic market, following strong GDP numbers. Gift Nifty at 22,203 indicates a gap-up opening of 40 points, as NIfty March futures closed at 21,160.

Raghvendra Nath, Managing Director, Ladderup Wealth Management Pvt Ltd, said: “India continued to hold its throne in terms of the fastest-growing economies globally, with GDP growth at 8.4 per cent.”

The number came as a pleasant surprise, with manufacturing & construction having grown at a good rate, he said, adding that “though the numbers have shown a healthy growth rate, going forward, we expect moderation in the numbers due to multiple headwinds coming from affected kharif crops, weak rural demand, poor performance from industrials, and also global headwinds.”

According to analysts, foreign portfolio investors turned positive on Indian stocks as they bought over ₹3,000 crore worth equities. If the trend sustains, then the market may see strong support at every selling, they added.

According to experts, the market may move in a tight range as the general election is around the corner. The focus has now shifted to the US Fed. Following weak employee data, analysts expect the rate cut may happen soon.

Meanwhile, equities are mixed across the Asia-Pacific region. While Japan and Australia markets are up, Korea and Singapore are down in early deals on Friday. Overnight, the US stocks were marginally positive.

Technically, Nifty exhibited resilience by holding onto the crucial 21,800 mark following a sharp one-day decline and this level is now perceived as immediate support, said Om Mehra, Technical Analyst, SAMCO Securities.

“The 50-day Simple Moving Average (SMA) is hovering around the 21,700 level providing additional support. On the higher side, resistance remains at 22,250,” he said.

The India VIX, regarded as the fear gauge, remains steady at 15.57 levels, signalling an uptick in volatility and heightened market uncertainty, he further said.