FKLI Commentary on 02/03/09

FKLI February contract fall 6.5 points lower to settle at 890.5 as compare with previous trading session with a total of 5271 lots traded in the market. FKLI Feb was mainly traded lower during the trading session but with narrow range as its settle day where value of the contract tracks CI closely during the trading session.
Technically, FKLI seems fails to penetrate the resistance levels at 898.5; 61.8% Fibonacci figure from 914 to 873.5 after topped around 897.5 and 893 each. We expect FKLI would trade lower in the coming trading session provided if support levels at 888; 100 – day and 80 – day moving levels and 875.5 regions were breach in the coming trading session. Traders were advice to hold short position in the coming trading session with condition resistance levels at 898.5 and 914 must not be violated.