FKLI Commentary on 17/03/09

FKLI March futures contract close marginally 3 point lower to close at 841.5 as compare to previous trading session with total 6701 lots traded in the market. FKLI was traded wide trading range due to regional indices and Dow Jones futures huge volatility.

Technically, FKLI rebound 50% Fibonacci retrace figure at 853 regions after form some base around 840 regions. We expect FKLI would trade lower in the coming trading session provided resistance levels at 852 and 871 levels were not violated. Traders were advice to hold short position in the coming trading session while be extra cautious around support levels at 830 and 803 regions.