It appears that the benchmark is trying to build a base around its 50-day SMA. The tussle between the bulls and the bears will likely persist over the next few days given the weak market sentiment. The 50-day SMA support (now at 1,518) is a level of significance. Stronger rebound will take place is this support holds. However, if the 1,518 level is breached, expect renewed selling pressure to set in. The 200-day SMA at 1,468 would be the next support level.
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