A trader works on the floor at the closing bell of the Dow Jones Industrial Average at the New York Stock Exchange. Pic/ AFP

Nifty closed at 9,588 on Friday, which showed the technical set up of the market is deteriorating. It is likely to test 9,516 in the short term. The open interest of the Nifty 9,500 put option is also supporting this level. High open interest at 9500 strike price of the Nifty put option, indicates the strong support level at this level. If Nifty falls below 9,500 level then it could test 9,424, but chances are remote. Markets are consolidating at 9,500 levels after the Federal Reserve’s move to increase interest rates. Fed increased the interest rates by quarter percentage, and we can expect more interest rate hikes in the near term.