After rally from 6800s to almost 8000 Nifty needs to take a break. We can see 5 wave pattern in the leg up, so most likely we will see a correction now. I would love to see it stop around 7500 and then rally hard from there after taking support at around 38% correction. But since this seems to be a wave 2, it can go much lower. We need to see how it behaves around 7500 to further decide targets.