Nifty has little scope for upside movement.

Nifty continued to bearish trend it tested crucial 50% fibo level and today it rejected support and shown some upside movement but there seems to be limited space for upside movement and it may test the falling wedge resistance somewhere between 8057-8060 and at this level if nifty breaks upward the there would be good upside scope else it may again retest or break the 50% fibo level to next support somewhere between 7670-7660. Tomorrow open may decide the nifty's further direction.