Supporter Chuck Prater in a Trump rally in Washington. There were approximately 200 supporters and 125 protesters. Pic/Getty Images/AFP

Nifty made multi-year highs in recent days, and, is all set to test 9,020 and 9,045 in the short term. As the technical charts do not give a firm outlook to Nifty, it is prudent to reduce long positions when Nifty comes very close to aforesaid levels. Nifty has support at 8,838 and 8,704. On Friday, the Nikkei Service PMI data was out, which was above street expectation; it was up from 48.7 to 50.3 in February 2017. It is too early to predict heavy sell-off now, but concerns of a possible rate hike in the US and assembly election results can have an upper hand on the market rather than the fundamentals.