Daily Market Opinion for 14-Nov-2012

STI ended flat on Monday as it braced itself for Deepavali holiday on Tuesday. The opening was a gap down but STI was able to recover the losses slowly. There were selling attempts within the day but the sellers were weak and buyers were able to match up with them. 3000 support level held very well as buyers started to enter the market at that level. This buying strength causes STI to reach as high as 3012 level before profit takers enters the market to prepare for the holiday. Eventually, STI closed at 3007 level with 1.99pts lower. DJI closed flat on the previous night but last night, it ended 58.90pts lower. What might impacted STI during the holiday is the weak HSI closing yesterday. HSI closed 241pts lower with concerns on China’s economy. How will STI react after a day of break? ...