Daily Markets Briefing: STI up 0.47%

Expect muted gains today.

According to OCBC, the pullback on Wall Street overnight could also lead to a similar reaction in the local bourse today, especially after the STI recovered nearly 1% over the past two sessions; the Nikkei is down 0.1% in early trade.

Here’s more from OCBC:

As before, the inability of the index to sustain itself above the key 2900 level remains a cause for concern; hence the failure again yesterday is likely to encourage more investors to unwind stale longs.

But we also note that the index appears to have found a near-term base around 2850, although we believe that a better level to bargain hunt is closer to 2800.

Above 2900, we peg the next hurdle at 2931.

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