FKLI Commentary on 12/01/09

FKLI December contract close rose 9.5 points higher at 928 as compare with previous trading session with a total of 6644 lots traded in the market. FKLI was open lower but was closed high before closing despite most of the regional indices were trading lower throughout trading session.

Technically, FKLI seems manage to rebound 61.8% Fibonacci retrace figures at 931 regions but seem holding well above support levels at 920 regions. We expect FKLI would trade lower in the coming trading session provided if resistance levels at 931 and 942 were not violated. Traders were advice to short position in the coming trading session while be cautious around the support levels at 903 and 890 regions.