FKLI Commentary on 31/03/09

FKLI March futures contract plunge 20 points lower to close at 867 as compare to previous trading session with total 8233 lots traded in the market. World Indices traded lower due to release regarding GM in states might encounter great financial difficulties.

Technically, FKLI plunge after support trend line at 883 regions but manage to temporary hold above 38.1% Fibonacci projection levels at 864 regions. We expect FKLI would trade lower in the coming trading session where support levels were seen at 845 and 830 regions. Traders were advice to hold short position in the coming trading session while be extra cautious around resistance levels at 879 and 888.5 regions.