FKLI Commentary on 16/03/09

FKLI March futures contract close 5.5 point higher to close at 840.5 as compare to previous trading session with total 6429 lots traded in the market. FKLI was trading sideways during trading session despite previous Dow Jones overnight strong closing.

Technically, FKLI manage to rest on 78.6% Fibonacci retracement figure 837.5 after break down from symmetric triangle in the 15 min FKLI price chart. We expect FKLI would rebound in the coming trading session with resistance seen at 853 and 858; 50% and 61.8% Fibonacci retrace levels. Traders were advice to hold short position around the resistance levels while support levels seen at 835 and 830 region.