Short-term trend looks positive till Nifty trades above 9,685: Devang Shah

At least for immediate short-term, recent lows of 31,128 on Sensex is strong support zone

NIFTY      

CLOSE- 9794.15 (14.08.17)

Indices, particularly midcap and small caps, witnessed sharp decline from higher levels in the last week. We have seen first weekly negative close on main index after preceding consecutive five weeks of positive close. It still looks like one more leg on upside is still pending in short term till short term reverses. Alternatively, failing to sustain at higher levels will lead to range-bound trend between 9,500-10,000 levels on Nifty in the short term. Any kind of decline is a stock specific buying opportunity from short to medium term perspective.

Midcap & Small cap index looks