FKLI Commentary on 10/08/09

FKLI Aug Futures contract closed 6 points lower at 1179.5 as compare to previous trading session with a total of 4,803 lots traded in the market. FKLI was traded lower partly due to regional sell down due to profit taking activities as weekend is ahead.

Technically, FKLI didn’t manage to breach the upper resistance trend line at 1186 regions and was traded lower to search for supports. Based on our technical view, our opinion suggest FKLI would trade lower in the coming trading session; despite Dow Jones were closed strong on overnight trading, provided resistance levels at 1183 and 1187 were not violated during trading session. Traders were advice to hold short position in the coming trading session while be alert around support levels at 1177 and 1170 levels.