Daily Market Opinion for 15-Nov-2012

STI gapped down strongly yesterday after the Deepavali holidays. This bearish move started was triggered by concerns of economic situations in varies countries and STI was attempting to catch up with the rest. 3000 support level was breached immediately which caused STI to reach out to another support level of 2980 level. Selling pressure was intensive during the start of the day but it got tampered off after HSI started to trade positively. However, sellers started to enter the market again as European market started with a negative note causing STI to return the intraday rebound to a much lower level. Eventually, STI closed at 2978 level which is slightly below the 2780 support level. A total of 29.54pts was wiped out from the market. In such bearish situation, how low can STI go? Will STI start a rebound currently?

STI closed with a ...