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Nifty Short term Update

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Short term Update

Nifty opened lower yesterday and has managed to close the opening gap formed yesterday. Markets managed to bounce from 7494. The price structure looks corrective, but considering the volatility we recommend getting out of your short trades if markets cross 7633. The shorts can continue to target the gap measuring target of 7422  mentioned in our last post as the hourly chart indicates that the bounce from 7494 is corrective. Only on a break of 7633 on the upside we will revisit and wait for a bullish wave count development. Chart below:

nifty 12 jan

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