FKLI Commentary on 11/03/09

FKLI March futures contract marginally 2 point lower to close at 861 as compare to previous trading session with total 7225 lots traded in the market. FKLI was traded wild during trading session due to mini budget announce by our Finance Minister despite Dow Jones futures electronic trading was traded lower during morning trading session.

Technically, FKLI seems rebound 61.8% at 865 levels after complete target 78.6% Fibonacci projection at 852 regions. We expect FKLI would trade lower in the coming trading provided resistance levels at 868 and 874 were not violated. Traders were advice to hold short position in the coming trading session while be cautious around support levels at 856 and 852.