FKLI Commentary on 13/07/09

FKLI futures July contract fall marginally 2 points lower to close at 1063 as compare to previous trading session with total 3,746 lots traded in the market. FKLI traded sideways despite regional indices were traded lower during trading session.

Technically, FKLI seems topped around 61.8% Fibonacci retrace level at 1069 region while manage to trade lower the uptrend channel support line upon closing. Based on our technical analyst, our opinion suggest FKLI would trade lower in the coming trading session provided resistance levels at 1069 and 1079 were not violated. Traders were advice to hold short position while be alert around support levels at 1055 and 1047 regions.