The equity benchmark indices Sensex and Nifty are likely to open higher on Friday after three consecutive sessions of losses, although gains may be limited by a surge in oil prices amid escalating tensions in West Asia.
GIFT Nifty futures were trading at 22,846 at 8:30 am IST, indicating a positive start for the benchmark Nifty, which closed at 22,687.65 on Thursday.
Both the Nifty and Sensex have declined around 2 percent so far this week as Brent crude oil futures rose to USD 113.5 per barrel amid concerns over further energy supply disruptions following Houthi attacks on Saudi Arabia, a leading oil exporter.
Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, a SEBI-registered research analyst firm, said 22,700 remained the immediate support level for the Nifty, followed by 22,600.
The index needs to move above 22,900 and sustain levels beyond 23,000 to turn the initial improvement into a stronger recovery, he said.