The indicated altitude will depend upon what setting has been selected on the altimeter sub-scale.
But the OAT will also affect the indicated altitude. Altimeters tend to over indicate when the temperature is below ISA, and under indicate when the temperature is above ISA.
The combined effects of incorrect sub-scale setting and non-ISA OAT could cause the altimeter to over indicate, under indicate or (if the effects of the errors were equal and opposite) the indication could be correct.
The question does not give any information regarding the sub-scale setting or the magnitude of the temperature error, so it is not possible to predict what the indicated altitude will be.