NEW DELHI: The bulls turned indecisive at 10,500 level of Nifty50 on Wednesday got and capitulated to pressure from the bears, as the index settled flat for the second consecutive session. The index formed a Small Bearish Candle on the daily chart.

In a sense, this can be construed as a slightly advantageous position for the bulls, as followup selling after Monday's consolidation breakdown was missing in Tuesday's session, which means the bulls successfully managed to absorb the selling pressure after the said breakdown, said Mazhar Mohammad of Chartviewindia.in.

At close, the Nifty50 was up 1 point, or 0.01 per cent, at 10,443.

Mohammad believes as long as the Nifty50 sustains above the 10,400 level, it can attempt to challenge the 10,550 level.

Independent market expert Kunal Bothra said the index's 50-day moving average has started sloping higher.

"The slope is intensifying. Even if the index consolidates at every bounce, the rise in the slope can get steeper. If the index corrects, it has to see a sharper correction for the averages to try and slope down significantly. The 10,400 level is immediate support for the index. Till that time, the bulls should have a decent enough of ride," Bothra told ETNow.

Chandan Taparia of Motilal Oswal Securities said the index has to hold above the 10,450 level to be able to move towards the 10,500 mark.