NEW DELHI: The distinctive near-term trend in the market is the narrowing range of market. The market is exhibiting resilience within this narrow range movement, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Within the range, the buy on dips strategy is working. The market is waiting for triggers for a breakout, which may come with the state election results, he said.

If the state election results confirm political stability after the General Elections in 2024, a pre-election rally is likely to begin. The 10-year US bond yield hovering around 4.40 per cent and the declining volume of FII selling augurs well for the market, he said.

Leading banking stocks weighed down by sustained FII selling and the recent RBI action increasing the risk weighting on unsecured loans are good long-term buys for patient investors, he said.

BSE Sensex is up 18 points at 66,052 points on Thursday. Indusind Bank is up more than 1 per cent.