Nifty 9,685 a key level to watch

The rupee has softened, to above Rs 64.10 /dollar despite FPI buying of rupee debt

The market entered the second phase of a correction. It's possible that this is an intermediate downtrend. The Nifty found support a week ago at 9,685. It slid to 9,740 on Monday and if it breaks 9,685, it would confirm a pattern of lower lows. On the upside, there's resistance between 9,850 and 9,900. There's support below current levels at every 50 points. 

To confirm the end of the correction, the Nifty must stay above 9,685 and ideally, bounce to beat the all-time high of 10,137. There's been a spike in the VIX and other bearish signals. The advance-decline ratio