Considering the volatility of last two trading sessions it looks prudent on the part of traders to wait for some stability in the indices, Mazhar Mohammad said.
Indiabulls Housing and BhartI Infratel were losers after weak earnings in March quarter.
"The interest in market remains very high, especially from FIIs," said Yogesh Mehta, Vice-president, Motilal Oswal Financial Services.
Gaurav Ratnaparkhi of Sharekhan by BNP Paribas said the bulls managed to defend the swing low of 11,550 (crucial support) thus keeping the possibility of wave extension open.
Option band signifies a shift in trading range 11,600 to 11,800 zones, experts said, adding decline in volatility has given some comfort to bulls. India VIX fell by 3.76 percent to 23.71 levels.
The breadth of the market favoured the advances as 930 stocks advanced and 790 declined while 377 remained unchanged. On the BSE, 1,185 stocks advanced, 1,203 declined and 168 remained unchanged.
According to Shah, markets are likely to remain in consolidation mode for some more time.
The breadth of the market favoured the declines as 805 stocks advanced and 872 declined while 417 remained unchanged. On the BSE, 999 stocks advanced, 1,211 declined and 135 remained unchanged.
Nifty Auto is the underperforming sector, down over a percent dragged by Tata Motors which shed 5 percent followed by Tata Motors DVR, Motherson Sumi Systems, Maruti Suzuki and Hero MotoCorp.
Shabbir Kayyumi of Narnolia Financial Advisors said sustained trade below psychological mark 11,600 will accelerate down move towards 11,500 levels.
On the options front, maximum Put open interest (OI) is at 11,500 followed by 11,000 strike while maximum Call OI is at 11,700 followed by 12,000 strike.
The top Nifty gainers include Zee Entertainment, Sun Pharma, Indiabulls Housing Finance, ONGC and Bajaj Finance while GAIL India, NTPC, BPCL, Power Grid and Bharti Infratel are the top losers.
The top Nifty gainers include Zee Entertainment, Sun Pharma, YES Bank, ONGC and Indiabulls Housing Finance while GAIL India, NTPC, BPCL, Tata Steel and Adani Ports are the top losers.
At 0931 hrs, GAIL was quoting Rs 334.25, down 2.96 percent on the BSE.
The Nifty PE is currently at a higher level than what it was during the dotcom boom or just before the 2007-08 financial crisis
Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors said Index has formed a bearish big body candlestick pattern, indicating selling pressure on higher side & strong bearish momentum in progress.
The ongoing earnings season and upcoming F&O expiry are expected to fuel volatility further.
Mazhar Mohammad advised traders to avoid buying the current dip
Nifty saw a cut of over 100 points in the trade that pushed the index below 11,700. The index made a lifetime high of 11,856 last week but failed to hold its gains and drifted towards 11,740
The top Nifty gainers include Wipro, Infosys, Tech Mahindra, TCS and UPL while BPCL, Indiabulls Housing Finance, IOC, YES Bank and IndusInd Bank are the top losers.
Nifty is also trading above its two major simple moving averages 100-DMA and 200-DMA that are rising and placed around 11,000. The crossover between them hints at strong uptrend in mid-term
The breadth of the market favoured the declines as 446 stocks advanced and 1,275 declined while 388 remained unchanged. On the BSE, 728 stocks advanced, 1,538 declined and 158 remained unchanged.
For next week, Nifty has strong support at 11,650-11,580 and resistance at 11,825-11,900
Call Butterfly Spread is bullish to range bound strategy that offers decent reward to risk with low cost
The top Nifty gainers include Infosys, Wipro, Tech Mahindra, TCS and HCL Tech while BPCL, IOC, YES Bank, Indiabulls Housing Finance and Reliance Industries are the top losers.