The three major surveys show a consistent picture, with a slight advantage for the opposition, but Likud is doing better than in the latest opinion polls, says Anders Persson, a Middle East expert at Linnaeus University.
He adds that the exit poll results should be interpreted with great caution. A preliminary result is not expected until Wednesday.
It is not known whether any smaller parties will enter parliament, but overall, the election result is unclear.
Could hold the balance of power
In public broadcaster Kan 11's exit poll, Netanyahu's bloc gets 50 seats, while the opposition, led by Gadi Eisenkot's Yashar party, gets 53.
A majority in the Knesset, the Israeli parliament, requires 61 seats.
In the same exit poll, the two Arab parties, the Joint List and Ra'am, look set to hold the balance of power with a total of 17 seats.
Only one opposition party has clearly stated before the election that it would consider cooperating with these parties, says Persson.
What makes things difficult for the opposition is that support from Ra'am alone does not seem to be enough.
According to Persson, Ra'am, which looks set to win seven seats, is the Arab party that has historically been most open to cooperating with the opposition.
But this is when the discussions really start in earnest. Everyone knows there is a discussion before the election and another after it, he says, adding that he believes the opposition will do its best to avoid a snap election.
But I don't think they are satisfied with 53 seats. Even though some are declaring victory, I think they would have hoped for a better result.
Not satisfied - despite the advantage
Moreover, most indications are that Netanyahu is doing better than the latest opposition polls suggested.
"He's doing pretty well given the circumstances, and I wonder, out of pure curiosity, what accounts for his surge in the polls. It could be a Trump effect," says Persson, referring to the US president's clear stance on Netanyahu.
