FKLI Commentary on 28/05/09

FKLI May futures contract rose 8 point lower to close at 1050 as compare to previous trading session with total 9,517 lots traded in the market. FKLI was mainly traded sideways throughout entire trading session ranging from 1047 to 1053 regions despite regional equity indices and Dow Jones overnight strong closing.

Technically, FKLI seems encounter some great selling around previous high region at 1056.5 region and 78.6% Fibonacci retrace levels at 1053 regions. Our opinion suggest that FKLI would continue to trade lower in the coming trading session provided resistance levels at 1056.5 and 1063 were not violated. Traders were suggest to hold short position in the coming trading session while be alert around support levels at 1026 and 1017 regions.