FKLI Commentary on 06/07/09

FKLI futures July contract rose 3.5 point higher to close at 1074 as compare to previous trading session with total 6,170 lots traded in the market. FKLI rebound despite Dow Jones were traded weak during overnight trading as most of the regional indices turn green before trading session end.

Technically, FKLI seems temporary support above July futures contract previous low at 1063.5 levels. Based our technical knowledge, our opinion suggest FKLI likely undergoing consolidation phase with 1063 and 1085.5 range. However, FKLI temporary resistance levels seen at 1077.5 and 1087 regions. Traders were suggest to hold short position provided resistance levels were not violated while be extra alert around support levels at 1070 and 1062 regions.