NEW DELHI: The Nifty50 climbed for the seventh consecutive session on Friday.

The index formed a ‘Spinning Top’ candle on the daily chart, suggesting that the bulls are seeing strong resistance at higher levels. For the day, the index rose 21.95 points, or 0.21 per cent, to close at 10,480. “The Spinning Top candle on the daily chart suggests that while the bulls are not loosening their grip, the bears are putting immense pressure at higher levels.

The index has been making higher highs since last 10 sessions.

If it negates this formation, a pause in the momentum is likely,” Chandan Taparia of Motilal Oswal Securities said in a note.

Sameet Chavan of Angel Broking believes given the recent development in select heavyweight counters, the Nifty50 may take the ongoing upmove towards 10,580-10,640. "A negative advance-decline ratio for the third session in a row accompanied by a sell signal on our twin momentum oscillators and the fact that market registered a positive close for the seventh day in a row can be cause for concern and may point towards a correction or temporary pause in the ongoing upmove.

Yet, considering the larger picture, dips as of now are looking like buying opportunities, as the short-term trend shall not favour the bears unless the Nifty breaches the 10,350 level on a closing basis,” said Mazhar Mohammad, Chief Strategist – Technical Research -Trading Advisory at Chartviewindia.in.