The Nifty50 which started on a positive note failed to hold on to gains and closed flat on Tuesday making a ‘Shooting Star’ kind of pattern on the daily candlestick charts. The index opened at 10,389 and slipped to an intraday low of 10,377\. It closed 5 points higher at 10,426. 

The bulls look very much in control and the short coverings move could extend for a couple of more sessions. The next crucial levels which could act as stiff resistance for the bulls is 10,478 which is close to its 50-DEMA which is placed at 10,492. If the index manages to close above its 50-DEMA then the rally could extend towards 10600 where there is an accumulation of maximum Call open interest (OI).