FKLI Commentary on 13/03/09

FKLI March futures contract plunge another 12 point lower to close at 835 as compare to previous trading session with total 7278 lots traded in the market. FKLI continue to plunge despite positive stimulus package announce been announce by our Finance Minister in previous days.

Technically, FKLI yesterday seems closed on 161.8% Fibonacci projection levels at 835 regions. We expect FKLI might rebound in the coming trading session provided support levels at 830 and 803 were not violated. However, traders were still advice to hold short position in the coming trading session while be cautious around resistance levels at 852 and 874 regions.