On Friday, Indian stock indexes are up following a range-bound opening. Sensex had gained 466 points, or 0.64 percent, to 72,871 points at 9:50 a.m., while Nifty had gained 138 points, or 0.64 percent, to 22,096 points.

The midcap and smallcap indexes are not performing up to par with the largecap index. At 49,107, Nifty Midcap 100 has down 2.10 points, while at 15,991, Nifty Smallcap 100 has dropped 3.90 points.

At 18 points, the Indian Volatility Index (India VIX) is down over 1%.

Sector-wise, the Nifty Pharma and Nifty Energy indexes are up 0.94 percent and 0.86 percent, respectively, with Nifty FMCG being the biggest gainer at 1.30 percent.

Nifty IT is down 0.42 percent and Nifty Realty is down 0.07 percent, respectively.

"Nifty index, after witnessing a double top formation near the 22800 zone, has slipped quite significantly with profit booking eroding the gains," stated Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt Ltd. "Currently, it has breached below the important 100-period MA at the 22000 level with bias and sentiment maintained with a cautious approach and has the next significant support near the 21750 level."

She continued, "Given the precarious position of the overall bias and sentiment, a clear move above the critical 50EMA level of 22250 would be necessary to improve the situation from current levels and subsequently anticipate a further rise."