India's NSE index breaks above a resistance at 10,221, the 50 pct Fibonacci retracement level of wave (3) from Nov. 28 high of 10,409.55 to Dec. 6 low of 10,033.35.

Index also breaks above the 200-period exponential moving average on a 30 minutes chart, seen favourable for further gains.

The breakout suggests, index is poised to test a critical resistance at 10,266, the 61.8 percent retracement level.

Wave pattern, however, suggests index is still in a corrective cycle and downturn may resume from anywhere between 61.8 pct to 86.4 pct retracement levels.

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