Nifty appears to be in 'wait and watch' mode around 9200 - prior to the beginning of Q4 results season.
Macroeconomic news wasn't great. India's CPI inflation rose to 3.81% in Mar '17 against 3.65% in Feb '17. The IIP number fell to -1.2% in Feb '17 against a revised
India's passenger vehicle sales grew 7% in 2016 - making it the 5th largest passenger vehicles market in the world (behind China, US, Germany and Japan).
The daily bar chart pattern of Nifty has been consolidating sideways with a downward bias after touching a life time high of 9274 on Apr 5.
All three EMAs are rising, and the index has closed above them in a bull market. Daily technical indicators are in bullish zones, but not showing much upward momentum.
As per several market experts, Q4 (Mar '17) corporate results are not going to be good due to the adverse impact of demonetisation. FIIs have turned sellers in anticipation.
Nifty's TTM P/E remains high at 23.33. The breadth indicator NSE TRIN (not shown) is oscillating near the upper edge of its neutral zone.
Some more consolidation or correction can be expected.
Stay invested. Check out Q4 results before making stock-specific buy/sell decisions.