FKLI Commentary on 15/01/09

FKLI December futures contract closed 7 points lower at 907 as compare to previous trading session with total 4796 lots traded in the market. FKLI was traded sideways but fall sharply 30 minutes before FKLI trading session was closed.

Technically, FKLI make false signal after breach previous high at 923 levels but selling pressure continues after support levels at 915 were not able to hold against the selling pressure. We expect FKLI would trade lower towards next support levels at 903 and 880 regions in the coming trading session. Traders were advice to hold short position for short term trading while be cautious around resistances levels at 916 and 925 levels.