FKLI Commentary on 06/02/09

FKLI February futures contract closed marginally 1.5 points higher at 877 as compare to previous trading session with total 4387 lots traded in the market. FKLI was traded sideways for 1st trading sessions but surge up few hours before market about to close.

Technically, FKLI seem hold well above support levels at 865 and 870 regions during trading session despite encounter great selling pressure. We expect FKLI would trade high in the coming trading session. However, FKLI must be able to breach 80 – day and 100 – day moving average resistance levels at 880 regions. Traders were advice to hold long position in the coming trading session while be cautious around resistance levels at 884 and 900.