Nilesh Jain, Head of Derivatives and Technical Research at Centrum Broking, said on Business Today Television's (BTTV's) Daily Calls that benchmark Nifty50 witnessed a short-covering rally and could climb further towards the 23,700-23,800 range in the near term.

He said 23,835 level remains crucial for the index, adding that a decisive breakout above it may push Nifty towards the 24,000 mark.

The analyst also pointed out that the India VIX, fear index, has slipped below 19 level. According to Jain, if VIX sustains below 19, it could provide additional comfort to bulls and support further upside momentum in the market.

Sharing his views on Union Bank of India Ltd and IDBI Bank Ltd, Jain outlined important support and resistance levels investors should monitor.

On Union Bank, he said support is placed around Rs 157 and advised investors to maintain a stop loss at that level. "Stay put. I think the worst is behind. It looks like it is forming a good base formation here. From a longer-term perspective, I think it has a potential to move towards Rs 190-200, provided it should break Rs 170 on an immediate basis. That said, the setup looks positive after the recent correction," Jain stated.

On IDBI Bank, the analyst said the stock has recently witnessed a sharp decline and currently lacks a clear directional trend. "There's no clear trend as of now and I'm not expecting any major upside or downside. It looks like that the counter is likely to oscillate in the range of Rs 65 to Rs 80. So, that's the broader range acting as a support and resistance, respectively," he mentioned.

Meanwhile, Union Bank shares gained 1.48 per cent to settle at Rs 164.80 on Thursday. IDBI Bank stock edged up 0.27 per cent to close at Rs 71.38.

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(DISCLAIMER: The views/advice/suggestions expressed in the video are solely by market analysts & investment experts. Please consult your investment advisers before making any financial decisions.)