Nifty corrects from Elliot wave target, FII Data analysis

• FII's sold 14989 contract of Index Future worth 574 cores, 5348 Long contract were squared off and 9641 short contracts were added.Net Long Contract for FII's are just 21K for the current series which is lowest in 2014, so FII's are majorly going short in market.

As i was discussing in past few days, EW top of 7700 was short term top, Also Hanging Man confirmation was done yesterday and today market showed a ferocious fall the velocity of fall surprised most of market participants.  As per Elliot wave we can go till 7700-7720 but closing above 7700 looks little difficult and pullback can come from that range.

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