FKLI Commentary on 17/03/09

FKLI March futures contract close marginally 4 point higher to close at 844.5 as compare to previous trading session with total 5888 lots traded in the market. It’s a wild trading session for FKLI trading due to mix world regional indices.

Technically, FKLI manage to break 835 for awhile at 833.5 levels. We have reason to believe that based on wave count, it’s possible that FKLI would complete at 161.8% Fibonacci projection at 833.5 levels. However, traders were still advice to hold short position in the coming trading session while be cautious around resistance levels at 874 and 858 region. Supports were seen at 830 and 803 region.