Nifty Update for June 4 - Inder Bhatia

The Indian market opened on a higher note and closed on a flat note. On the daily chart we are witnessing a spinning top - a spinning top is a candle with a small real body. During a rally or near new high, a spinning top can be sign that the price is losing momentum and bulls may be in trouble. We are seeing negative divergence on hourly charts i.e. the Nifty is moving up and RSI moving down. If the Nifty trades below 4508 it will test 4459-4411. On the upside 4556-4582 will act as resistance.