Daily Market Opinion for 01-Jul-2014

The month of June ended with a bearish note that bucked the bullish trend of regional market. Market participants preferred to take their profits off the market yesterday. The day started with a bearish gap down but there were attempts to rebound during the first hour of the day. A high of 3269 level was even reached during the rebound attempt but it soon got tapered off. STI was holding firmly above 3255 level before lunch hours but after lunch hours, a flock of sellers decided to exit the market, triggering a rush for the exit. Low of 3246 was then formed before bargain hunters entering the market to support it. Hence, at the end of the day, STI managed to close at 3255.67 level with 15.38pts down for the day. Last night, DJI closed lower with 25.24pts down. Will STI continue ...