FKLI Commentary on 04/02/09

FKLI February futures contract closed 6.5 points lower at 869.5 as compare to previous trading session with total 5357 lots traded in the market. FKLI was traded lower in the coming trading session as regional indices were closed weak during the trading session.

Technically, FKLI seems temporary supported above 78.6% Fibonacci retracement levels at 858 regions. There is no bullish signal seen in the hourly chart. However, we still expect FKLI would trade higher in the coming trading session provided support levels at 865 and 858 were not violated in the coming trading session. Resistances were seen at 884 and 900 regions.