Late selldown dragged the benchmark to close at its intraday low of 1,526.43 yesterday. The skid, which took out its 30-day SMA, is now sitting on the support trend line of the uptrend channel. It appears that the 1,576.95 is likely the medium term peak and a slip below its 50-day SMA would confirm that the rally from its May 2010 low is over. Once the 50-day SMA support gives way, prices would then swing towards the 1,474 level. On the upside, prices are likely capped at 1,560-1.576 range.
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