Nifty Cautiously Positive Outlook Facing 50 EMA Resistance

NFITY is facing 50 EMA resistance which is near 17342 and quite formidable. Additionally the bottom of candles dated 14th December is also at 17225 which acted immediate resistance yesterday. 17168 yesterday's bottom will be support as NIFTY will once again try to challenge 50 EMA resistance today. RSI is at 49.27 and it is also facing mid channel resistance. 14th December bottom and RSI mid channel resistance stopped Nifty yesterday. Today Nifty will try to challenge them again and will try to move forward. DII once again bought yesterday net worth more than Rs.Cr 1000. FII was a net seller worth Rs.Cr 975 again yesterday. SGX NIFTY is 77 points in positive and is trying to challenge 17.3K levels.