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Although the RBI policy meeting unfolded as anticipated on Friday, concerns over food inflation and warnings of a heat wave tempered the sentiment, said Vinod Nair, Head of Research at Geojit Financial Services.

While the main domestic indices concluded with marginal movement, the Bank Nifty edged higher, propelled by robust credit growth in Q4FY24, Nair said.

The global sentiment was dampened by the rise in oil prices and tensions in the Middle East, as investors remain attentive to the upcoming US non-farm payroll and unemployment data, seeking clarity on the Federal Reserve's future rate path, he added.

Rupak De, Senior Technical Analyst at LKP Securities, said the index remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern.

The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation, De said.

At the higher end, 22,650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22,650. On the lower end, support is evident at 22,300; if breached, the index might decline towards the 22,000-21,900 range, he added.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said following the RBI policy announcement, the Bank Nifty maintained its robust momentum, remaining above the crucial level of 48,000.

This suggests the potential for reaching new all-time highs next week, possibly even touching the 50,000 mark. Notably, aggressive put writing has been observed at lower strikes, establishing a supportive base in the 48,200-48,000 zone, which is anticipated to serve as a cushion for bullish sentiment.