Major resistance for Nifty going forward is 50 days EMA at 17347. Above that the resistance will be near 17427 and 17683. Above 17683 the potential of Santa Clause rally is to go near 18.2K running cautiously wild. Supports on the down side are 17165, 16938 and 16330 which is a major 200 EMA support, below which there will be cold bear market which can go upto 15400-14500. Right now though the things are looking cautiously positive. Let us see if 50 days EMA is broken on the upside by the current momentum or not.
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