FKLI Commentary on 22/04/09

FKLI April futures contract surge 10.5 points higher to close at 975.5 as compare to previous trading session with total 9,955 lots traded in the market. FKLI traded higher trading against most of the world indices while Dow Jones plunge during overnight trading.

Technically, FKLI reached new high during the trading session after supported above the hourly trend line around 950 regions. We expect FKLI might test next resistance levels at 983 and 1001 regions in the coming trading session provided support levels at 950 and 965 were not violated. Traders were advice to hold short position while put tight stop order around the resistance levels in order to protect trading from huge losses.