Nifty Outlook 4th June

Nifty showed great strength and break-out yesterday.

Pivot 5001
Support 5072-5044-5015
Resistance 5142-5168-5192

Nifty easily managed to stay above 5100 and closed above the important resistance level of 5100.

This level is important as it was both a psychological resistance as well as technical resistance.

Nifty Future is trading with some discount and it will shorten very soon by the end of this month.

Now if Nifty manages to stay above 5142 with good volume then it may find some resistance near 5168 level.

Breach of this level with good volume will take Nifty close to 5200 level.

Die hard traders may short Nifty near 5168 level and wait for the breakout to cut the Stop Loss or to reap some decent profit.