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For the last five sessions, Nifty has been trying to sustain above 9,100 and has been consolidating in the narrow range of 9,200 and 9,270 on a closing basis.

After bearish development on the short-term charts, Nifty has not seen follow up selling. The level of 9,100 has been acting as strong support for the index.

Any level below 9,116 could result in selling momentum in the Nifty.

Below 9116, the index could slide to the next supports of 8,980 and 8,700, which happens to be 38.2 percent and 50 percent retracement of the entire rise seen from 7,511 to 9,889.

On the upside, the range of 9,500-9,550 could act as a resistance, where calls have been written and an 'Island' unfilled gap is placed.

Daily MACD Indicator has been struggling to move above its zero line. Daily DMI Indicator has also reached the contraction zone after the positive move, which indicates weakness in the short-term trend.

Breadth Indicators on the Nifty500 daily chart is giving the sign of market weakening. New high low index and MCclellan Summation Index have turned bearish on the daily chart.