FKLI Commentary on 11/02/09

FKLI February futures contract surge another 7 points higher to close 900 as compare to previous trading session with total 5228 lots traded in the market. Profit taking activities held in earlier trading session and FKLI continue to surge up before market about to close.

Technically, FKLI seems complete correction at 892 which is 23.6% Fibonacci retracement level. We expect FKLI would trade higher in the coming trading session provided if support levels at 892 and 880 were not violated. Traders were advice to hold long position in the coming trading while be cautious around resistance levels at 913 and 927 region.