Market confidence had been running high ever since prices broke out from its 50-day SMA. Looking at the chart, there is still some room to the upside but traders need to be cautious here. The next resistance is around the 1,549-1,552 levels and we think these are level of significance. If prices can swing above 1,552, there is a good chance that prices may march towards the 1,577 high. Otherwise, the index should go for a short term pullback, probably towards its 50-day SMA at 1,520.
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