Daily Market Opinion for 02-Jan-2014

It will be a new start for the market today as STI drew to a close on Tuesday. Window dressing had helped STI to close positively on the last day of the year. The start of the day was a gap up movement which helped to break 3160 resistance level. There were attempts to retrace during the day but it refuses to go lower than 3160 level. Trading volume was seen increasing during the morning session which outweighs the past few days’ volume. This is significant because STI was just trading for half day on Tuesday. During closing, STI was still being able to sustain its gains for the day and close at 3167.43 level. A total of 14.14pts was gained on that day. Can STI have a bullish start for this year? How far can STI rally till?

On New Year’s Eve, ...