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After settling with strong gains in the April series, the Indian market began the May series on a negative note with bears once again taking control.

Subdued global cues amid rising tension between the US and China hit the sentiment, while weak earnings of big domestic companies and India's record low April manufacturing PMI data aggravated the worries of investors.

On the derivatives front, we are witnessing a continuous addition of open interest at 9,400 and 9,500 call strikes that point towards a limited upside in the prices.

On the downside, however, marginal put writing was observed at 9,000 strikes which should act as strong support for Nifty.

On the technical front, secondary oscillators and price action is suggesting some consolidation in a broader range of 9,000-9,500 in the coming sessions.

At the current juncture, traders should remain focussed on stock-specific moves and are advised to trade cautiously tracking global markets as volatility is likely to grip the domestic markets in the coming few sessions.