FKLI Commentary on 30/03/09

FKLI March futures contract traded unchanged to close at 887 as compare to previous trading session with total 8870 lots traded in the market. FKLI plunge from high at 895.5 levels as regional indices and Dow Jones electronic trading shows lack of strength after bull rally traded higher for almost 8 – consecutive days.

Technically, FKLI seems tested the upper resistance trend line around 895.5 regions and traded lower since morning trading session. We expect FKLI would trade lower in the coming trading session provided if resistance levels at 888.5 and 899 were not violated. Traders were advice to hold short position in the coming trading session while be extra cautious around support levels at 874 and 864 regions.