Nifty Outlook 8th June

Nifty closed losing almost 2% from its Friday's close.

Pivot 5021
Support 4999-4976-4948
Resistance 5051-5076-5096

It was a very weak session for Nifty yesterday.

Such a weak session is hard to seen normally and it was one big day.

Most of the traders busy covering their short position and not many fresh short positions were build on Monday.

This is good omen and market may rebound from current levels.
Another strength shown by Nifty is that discount in Nifty Future did not widen compare to Nifty spot.

Nifty managed to close above above important psychological and technical level of 4999.

Any closing below 4999 will push Nifty below 4896 level but chances of this scenario is very remote.
Traders may start buying at the current level.