FKLI Commentary on 17/02/09

FKLI February futures contract closed marginally 1.5 points lower to close 909 as compare to previous trading session with total 3719 lots traded in the market. Heavy profit taking activities in FKLI trading session after manage to surge 32 in the previous trading session.

Technically, FKLI was trading within 904 to 906 ranges during trading session but manage to breach 906 and close at 909 levels. We expect FKLI was still riding on a bull rally where strong resistances to be encounter around 914 and 927 region. Traders were advice to hold long position in the coming trading session provided support levels at 900 and 880 were not violated.