The recent price structure of descending lows and peaks indicates immediate hurdles near the 9600-9700 zone.
A reduction in capital gains tax or securities transaction tax can however set the market on fire in the short-term
At present, there are more bets that the market will fall rather than go higher post elections.
Data from the options markets provide some clues
The month of February 2018 was a very interesting month for trading options.
Nifty 10250 Put added 3.7 lakh shares in Open Interest while Nifty 10200 Put added 3.2 lakh shares in OI.
F&O cues: Nifty 9800 Put added 7.7 lakh shares in Open Interest and Nifty 10100 Call Adds 2.15 lakh shares in OI.
F&O cues: Nifty 10000 Call added 9.6 lakh shares in Open Interest and Nifty 9900 Call added 6.8 lakh shares in OI.
F&O cues: Nifty 9800 Put added 11.5 lakh shares in Open Interest and Nifty 9900 Put added 10.1 lakh shares in OI.
F&O cues: Nifty 9800 Put added 6.45 lakh shares in Open Interest and Nifty 9600 Put added 4.7 lakh shares in OI.
F&O cues: Nifty 9500 Put added 10.9 lakh shares in Open Interest and Nifty Nifty 9700 Put added 8.5 lakh shares in OI.
F&O cues: Nifty 10500 Call added 13.1 lakh shares in Open Interest and Nifty 10400 Call added 10.6 lakh shares in OI.
F&O cues: Nifty 10000 Call added 8.8 lakh shares in Open Interest and Nifty 9900 Put added 3.88 lakh shares in OI.
F&O cues: Nifty 9700 Call added 3.5 lakh shares in Open Interest and Nifty 9800 Call added 4 lakh shares in Open Interest.
F&O cues: Nifty 9600 Put added 8.4 lakh shares in Open Interest and Nifty 9700 Put added 6.4 lakh shares in OI.
F&O cues: Nifty 9500 Put added 11.7 lakh shares in Open Interest and Nifty 9600 Put added 7.1 lakh shares in Open Interest.
F&O cues: Nifty 9700 Call added 4.5 lakh shares in Open Interest and Nifty 9800 Call added 3.1 lakh shares in OI.
F&O cues: Nifty 9600 Put added 5.03 lakh shares in Open Interest and Nifty 9700 Put added 2.3 lakh shares in OI.
F&O cues: Nifty 9700 Call added 5.6 lakh shares in Open Interest and Nifty 9500 Put added 2.2 lakh shares in OI.
F&O cues: Nifty 9600 Put added 10.6 lakh shares in Open Interest and Nifty 9700 Put added 5.5 lakh shares in OI.
F&O cues: Nifty 9600 Put added 9.6 lakh shares in Open Interest and Nifty 9700 Call added 3.5 lakh shares in OI.
F&O cues: Nifty 9600 Put added 3.6 lakh shares in Open Interest and Nifty 9600 Call added 2.1 lakh shares in OI.
F&O cues: Nifty 9400 Put added 7.6 lakh shares in Open Interest and Nifty 9600 Put added 6.8 lakh shares in OI.
F&O cues: Nifty 9500 Put added 6.2 lakh shares in Open Interest and Nifty 9600 Put added 3.1 lakh shares in OI.
F&O cues: Nifty 9500 Put added 9.05 lakh shares in Open Interest and Nifty 9600 Put added 4.06 lakh shares in OI.