Domestic markets are expected to open on a flat note with positive bias, amid prolonged Russia-Ukraine conflict and elevated crude oil prices. Analysts expect the tug-of-war between the bulls and bears to continue on global uncertainties.

Nifty may waver in Friday’s trade, but bulls will aim for a positive session, said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

According to Vinod Nair, Head of Research at Geojit Financial Services, "Ongoing global uncertainties like war, rising crude price, Fed’s policy tightening along with a surge in covid cases are keeping the market highly sensitive."

SGX Nifty @ 17,280

SGX Nifty at 17,280 indicates 40 points higher opening for Nifty as Nifty futures closed at 17,242 on Thursday.

Equities across Asia-Pacific region are also trading flat in early deal on Friday. While Japan, Korea and Taiwal markets are down marginally, Austrlian equities are up despite the US stocks closing on a strong note overnight. All three major indices - Dow, Nasdaq and S&P-500 - gained between 1- 2 per cent.

Crude oil at elevated level

"If crude prices continue to remain elevated, it would negatively impact economic growth and also lead to high inflation levels, he said and adding that However, ease in geo-political tension will calm down the worries taking the market back to its strength," Nair said.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd,said: Markets are roiling and commodity prices are erratic as concerns about inflation and the impact of the war in Ukraine loom over economy.

"Further, US Fed Reserve officials signalled they are ready to take more aggressive steps to tame inflation, thus increasing the volatility," he added.

On the domestic side, market is stuck in a range for last five days. Nifty is facing strong resistance near 17,300-17,400 levels while 17,000 is proving support for now. On the positive side, FIIs have turned net buyers, while strength in heavyweight counters in sectors like metals, Oil & gas, pharma are supporting the market. On the other hand, follow up buying is missing at higher levels along with global concerns are keeping the upside on check, he added.

Narrow range seen

Technically, the market is stuck in a range said analysts.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said: "The intraday formation indicates continuation of a range bound activity in the near term. For the bulls, 17,325 could be the immediate hurdle and below that, the correction wave could continue up to 17,100-17,060. Above 17,325, Nifty could go up to 17,375-17,425 levels. Contra traders can take a long bet near 17,060 with a strict 17,030 support stop loss."

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