It is not time to do bottom fishing yet!

On 4/May, Singapore shares end lower Wednesday on the worries amid fresh jitters over Greece's fiscal status and a euro-zone bailout.

STI ended 40.87 points (1.4%) lower at 2860.31 points with HIGHER VOL of 2.03 billion shares traded compared with 1.83 billion Monday. In the broader market, loser outnumbered gainer 452 to 88.  Today the volume was much higher indicating that the selling pressure has heightened. 

The market may see some bargain hunting in the coming sessions, analysts said.

During the market break, OCBC said that net profit in the first three months rose 24% due to higher non-interest income and improvement in credit quality.

Net profit ended March 31 was S$676 million which beaten the average forecast of S$490.2 million by six analysts polled by Dow Jones Newswires. 

OCBC rose after the news though closed flat at S$8.59 with HIGH VOL of 16.8 million shares traded.  

Important Resistance of OCBC: $8.76

Immediate Support of OCBC: $8.40

RSI: In bearish zone of 26% (Oversold)

MY sentiment on OCBC: Although result is good but failed to impress since the market sentiment is bearish now.

Important Resistance of STI: 2940 (Support turned resistance)

Immediate Support of STI: 2850 to 2820 (Gap support)

MY sentiment on STI: The selling pressure has increased today instead of easing therefore we would recommend staying at sideline first. My target is 2800 but may lower if the selling persists.