Ripples Advisory, The Nifty finally closed below the 9600 mark

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our markets opened slightly lower owing to negative cues from the Asian bourses. Although, the overall range was quite small, the index remained under pressure throughout the remaining part of the day to conclude almost at the lowest point of the day.

Due to yesterday's corrective move, the Nifty finally closed below the 9600 mark, which is not a good sign. However, this is a part of the consolidation phase that the market is undergoing at this moment. Hence, looking at the hourly chart, the Nifty is still at lower end of the 'Downward Sloping Channel'. Going ahead, 9550 would be seen as immediate support levels; whereas on the higher side, 9610-9650 remains to be intraday hurdles for the index.