Nifty formed lower low on 27th Jun for first time since December 2016. Should the market fail to hit above 9700, the next swing could very well be downwards. I would prefer to short the index along 9600 and 9650 and hold with stops above 9700 with potential exit levels around 9300. In my opinion we cannot rule out the possibility of Nifty gradually drifting towards 9000 (unless otherwise there're new fundamental triggers).