The first resistance trend line of the uptrend channel is a level of significance. The bears are strong here and the index faces an uphill task to push above this level. If prices fall below the 1,550 support, then this consolidation may even last longer, possibly towards its 50-day SMA at 1,518. However, we think the benchmark should resume its upward trend once the consolidation is over. Resistance wise, the 1,565 level is the first target, followed by 1,577 next.
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