FKLI Commentary on 20/04/09

FKLI April futures contract rebound 5.5 points higher to close at 957.5 as compare to previous trading session with total 7,418 lots traded in the market. FKLI was traded wild during the trading session as market is waiting for fresh market leads towards certain directions.

Technically, FKLI seems manage to rebound 61.8% Fibonacci rebound levels at 964.5 regions after temporary supported above 955 regions. We expect FKLI would trade lower in the coming trading session provided resistance levels at 973 and 984 were not violated. Traders were advice to hold short position in the coming trading session while be cautious around support levels at 955 and 947 regions.