Nifty Outlook 21st June

Pivot 5268
Support 5231-5203-5174
Resistance 5281-5301-5323

Nifty has shown remarkable recovery during last week and Nifty gained more than 140 points last week ending 18th June.

Level of 5245 is an important hurdle which was breached on closing basis.

So Nifty now may test next hurdle at 5323 level.

If this level is also breached then Nifty is all set to break its previous high of 5398 and a new high may be made.

But most part of the rally is to do with short covering than some actual buying and hence until 5245 is also maintained this week Nifty may again tread into profit booking zone.

As long as Nifty closes above 5203 level for the week long positions may be carried forward comfortably but closing below it may force punters to unwind longs which will create more selling pressure.

Such a scenario may bring Nifty down to 5120 level as well.