FKLI Commentary on 03/03/09

FKLI February futures contract plunge 25 points lower to close at 863 as compare to previous trading session with total 7911 lots traded in the market. FKLI plunge during trading session as regional indices and Dow Jones futures electronic plunge since market starts trading.

Technically, FKLI starts to plunge once previous support level at 888 was breach during the trading session. We expect FKLI would trade lower in the coming trading session as downtrend was confirm after support region at 873.5 was violated. Traders were advice to hold short position in the coming trading session provided resistance levels at 888 and 899 were not violated. Nearest support was seen around 858 and 840 regions.