Nifty Outlook 17th May

Pivot 5048
Support 5026-5001-4976
Resistance 5080-5104-5133

On Friday Nifty lost 1.7% and most of the gains maintained earlier in the week were lost.

On weekly closing basis Nifty gained 0.95% and showed huge weakness towards the end of the session.

Now as long as Nifty is trading below 5104 its weak and every effort to rise futile if it close below 5104.

If on closing basis Nifty breaches 5001 and remain below it, punters will kill Nifty and we may see big correction due to positional selling and short built-up.

Nifty may drift towards 4892 level in such a scenario.

Some buying can be done on correction below 5000 level with closing basis SL of 4955 in Nifty.