FKLI Commentary on 05/02/09

FKLI February futures contract closed 6 points higher at 875.5 as compare to previous trading session with total 4089 lots traded in the market. FKLI was traded sideways during the trading sessions as lack of market leads from regional indices and Dow Jones futures electronic tradings.

Technically, FKLI seems traded sideways during 1st trading session but manage to breach resistance levels at 874 in the 2nd trading session. We expect FKLI would trade higher in the coming trading session provided if support levels at 865 and 858 were not violated. Traders were advice to hold long position in the coming trading session. Nearest resistance levels were seen at 884 and 900 regions.