From The Collaborative International Dictionary of English v.0.48:

nifty \nifty\ adj.
   1. Very good; excellent; -- an informal term meaning about
      the same as groovy, sense 1. [informal, 1960's]

   Syn: bang-up, bully, cool, corking, cracking, dandy, great,
        groovy, keen, neat, not bad(predicate), peachy, slap-up,
        swell, smashing.
        [WordNet 1.5]

   2. Stylish; attractive; -- of clothing; as, a nifty outfit.
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