Nifty made top @7700, Elliot wave analysis

• FII's bought 1.9 K contract of Index Futures worth 77 cores (4.2 K longs were added and 2.2 K shorts were added in Index Future) with net OI increasing by 6.4 K contracts.

Nifty made a new life high @7700 which was near to our Elliot wave target of 7720 as discussed in last few analysis and turned back.  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 on daily chart has started giving negative divergences so longs need to

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