Nifty approaches Minor Wave Resistance

Most of you would have felt that today was a boring day but technically Nifty has been approaching Resistance zone of 7909 which is why we have slowed down a bit. Though thats  just my  first target but still we need to be cautious around the level because today we have a got a Spinning top on daily chart as marked by arrow. Even if we see a profit booking tomorrow, it would just be a minor one to last two days rally as 7700 is now finding strong base on options side where PUTS are being written down. Secondly, we have may crucial support reason in the range of 7669-7690 as i have mentioned on chart which would let Nifty go below the range. Even the Elliot wave is in tune and we could see minimum 8265 before breaching 7669 anytime soon. But for near term my targets are the same as mentioned yesterday. 7909/8050.  

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