FKLI Commentary on 16/04/09

FKLI April futures contract fall marginally 3.5 points lower to close at 958.5 as compare to previous trading session with total 11,219 lots traded in the market. FKLI burst up during second trading session as regional indices and Dow Jones electronic trading reverse up during trading session.

Technically, FKLI seems to encounter great selling pressure at 161.8% Fibonacci projection levels at 963.5 regions. We expect FKLI would trade lower in the coming trading session provided resistance levels at 963.5 and 970. Traders were advice to hold short position in the coming trading session while being extra alert around support levels at 947 and 938 regions.