It appears that the 1,474 neckline support is holding firm for now. If a base is formed, there is a possibility that prices may set for stronger bounces ahead, probably towards the 30-day SMA now at 1,509. The 1,500 psychological resistance is also a hindrance here. The longer term trend however depends on whether the benchmark is able to inch above the 50-day SMA. On the downside, a break below the 1,474 level would likely drag prices towards its 200-day SMA at 1,445.
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