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The Nifty ended Tuesday 0.19 percent higher at 10,536.70. It rose from the day’s low of 10,490.55 before ending the session with a Spinning Top candle. Its critical resistance of 10,560 is still intact on the upside and needs to be broken for a pullback towards 10,630 levels.
A Spinning Top candle after five consecutive days of downfall implies indecision among traders. So, a pullback beyond 10,560 levels towards 10,630 is not a distinct possibility. On the flipside, a break below 10,500 may unfold the next leg of downfall towards 10,420 levels.
On the Nifty hourly chart, it is still trading below its 200-day exponential moving average (EMA) placed around 10,620 levels. Hence, the bearish bias is still intact. A flattened average directional index (ADX) coupled with recovery in the relative strength index (RSI) from its oversold zone might cause a pullback towards 10,630 levels. However, a break out above the immediate critical resistance placed around 10,560 is necessary.
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