Kotak Economic Research in an April 30 report said:

The next two sessions will show whether or not the Nifty will see a decent tradable correction. The index will either move below its support giving short-term moving averages or consolidate around the same

The first resistance for the Nifty would come at 9,740, after which the zone of 9,850 to 9,890 could exert profit-booking pressure

After long, the oscillator charts of the Nifty are in clear sell mode, but they lack strength to signal a big correction

The Union budget has given new hopes to many sectors, but it is still early days

Extreme short-term indicators are in overbought territory, as they keep moving in sideways direction. Some of them are also showing negative divergence

Most short-term indicators have come into the buy mode but have not yet cleared their resistance zones