FKLI Commentary on 07/04/09

FKLI April futures contract continue to surge16.5 points higher to close at 926.5 as compare to previous trading session with total 10377 lots traded in the market. FKLI was traded wild during the trading session due some profit taking activities in the morning trading session but manage to surge later as regional indices manage continue to surge up in the second trading session.

Technically, FKLI manage to test previous high levels at 927 region which also almost same with 100% Fibonacci projection levels at 925 region. We expect FKLI would trade higher in the coming trading session provided resistant levels at 927 and 942.5 were violated. However, traders were advice to hold long position around the support levels at 900 and 887 regions FKLI seems slightly overbought during trading session.