FKLI Commentary on 28/07/09

FKLI July futures contract close marginally 0.5 point lower as compare previous trading session to close at 1156.5 level with a total of 4,193 lots traded in the market. FKLI was traded without any direction during entire trading session despite regional indices and Dow Jones electronic trading were traded firm throughout the entire trading session.
Technically, FKLI seems formed at symmetric triangle formation in the hourly chart after fall out from the rising wedge formation during last week. Based on our technical analyst, our opinion suggests FKLI would trade lower in the coming trading session provided resistance levels at 1164 and 1171 were not violated during market trading hours. Traders were advice to hold short position once support levels at 1151 and 1145 were breached.