Daily Market Opinion for 16-Oct-2013

As the US shutdown continues over the week, STI started the week with bearish closing as it failed to continue its rebound on Monday.  Coupled with Haji holiday, many traders preferred to stay sidelines to avoid the uncertainty. STI opened flat in the morning with attempts to trade positively, reaching as high as 3183 level. However, this strength failed to sustain and caused STI to slide thereafter. The selling pressure was gradual during the day and a low of 3155 was formed by it. Attempts of rebound were seen before closing which helped STI to close at 3165 level. A total of 14.46pts was lost on Monday. Over the Haji holidays, DJI failed to sustain it bullishness and returned 133.25pts back to the market last night. Will STI react bearishly today after DJI’s weak closing?

3180 resistance level seems to be a ...