FKLI Commentary on 27/04/09

FKLI April futures contract surge 10.5 point higher to close at 997 as compare to previous trading session with total 8076 lots traded in the market. FKLI was traded upwards despite most of the regional indices and Dow John electronic were traded weak in the morning trading session.

Technically, FKLI was traded within a uptrend channel as shown in the 15 min price chart. We expect FKLI currently riding on wave 3 bull rally but it’s near to tail end as 223.6% and 238.1% Fibonacci projected resistance seen at 1001 and 1011 levels. Traders were advice to take profit in the coming trading session as FKLI might undergo some correction before to go up further. Support levels were seen at 990 and 982 levels.