Daily Market Opinion for 03-July-2013

Daily Market Opinion for 03-July-2013

STI did not end up bearishly yesterday and instead reversed its losses and decided to head towards its next resistance level to test it. STI opened with a gap up and it turned out to be the lowest point of the day. Buyers entered the market ignoring the bearish news that was reported last week. Many felt that the property loan curb is unlikely to impact on the broad market and hence, bullishness was back to the market. Through the day, buying strength was seen but it was not a strong one as market participants were staying cautious yesterday. STI hit as high as 3186 level before tapering off before market closing and ended at 3173 level with 32.39pts lower. Last night, DJI opened with positive note but ended bearishly with 42.55pts down. Can STI continue to head higher today? Or will STI …