FKLI Commentary on 08/01/09

FKLI December futures contract closed 6.5 points lower at 921.5 as compare to previous trading session with total 8555 lots traded in the market. FKLI starts plunge tracking close to regional performance due to heavy profit taking activities.

Technically, FKLI manage to reach only 38.1% Fibonacci projection figures at 942 region and starts plunge during afternoon session after forms Doji in the hourly chart before morning session ended. We expect FKLI would trade lower in the coming trading session while strong support seen at 914 and 897 region. Traders were advice to hold long position around the support levels while be cautious around the resistance levels at 942 and 957 region.