The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,405 level, a premium of nearly 140 points from the Nifty futures’ previous close.

A long bear candle was formed on Nifty's daily chart that was placed beside the long bull candle of Thursday. Technically, this pattern indicates a profit booking in the market after a stellar rise on Thursday.

Experts believe the gradual uptick will continue in the market over the next few days, alongside a close watch on the third quarter earnings and the global cues as foreign markets reopen after year-end holidays.

Resistances for the benchmark Nifty 50 index is seen at 23,340 and 23,500, while on the downside 23,047 becomes the base for the short term, said analysts.