Daily Market Opinion for 31-Jul-2014

STI was seen losing its bullish strength yesterday as it started to ease off slightly after getting near to its resistance level at 3365 level. The opening was a flat one as market participants were concerned about the results of US Fed meeting. They decided to stay cautious and did not react much during the day. Bullish attempts were seen as it managed to reach a high of 3364 level. Selling pressure starts to set in before lunch hours which pushed STI to as low as 3349 level; settling its rest of the day with sideways movement. Low trading volume continues to plague the current market condition. Hence, STI closed flat with 2.43pts down, ending at 3353.54 level.  Last night, Fed’s meeting did not yield any decision on interest of interest rate but DJI still ended slightly down with 31.75pts down....