Nifty forms Hanging man,FII Data Analysis

• FII's sold 25.1 K contract of Index Futures worth 960 cores (3.5 K longs were added and 28.7 K shorts were added in Index Future) with net OI increasing by 32.3 K contracts.FII's went aggressively short in index futures.

Nifty has formed  Hanging man bearish candlestick pattern on Daily  charts, Pattern gets activated below 7580 for targets 7474. Close above  7683 negates this  As per Elliot wave we can go till 7700-7720 but closing above 7700 looks little difficult and pullback can come from that range. Any close below 7570 only will give short term reversal. Also the Bulls power indicator

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