FKLI Commentary on 07/07/09

FKLI futures July contract plunge 17 point lower to close at 1057 as compare to previous trading session with total 6,525 lots traded in the market. FKLI plunge as regional indices and Dow Jones electronic trading were traded weak during trading session over economic worries.

Technically, FKLI previous support levels 1068 and 1063 fail to hold against the selling pressure. Based on our wave count, our opinion suggest FKLI currently riding on the correction rally where critical support seen at 1052 and 1030 regions. Traders were advice to hold short position in the coming trading session while be alert around resistance levels 1068 and 1080 levels.