FKLI Commentary on 17/08/09

FKLI Aug Futures contract traded 0.5 points higher to close at 1183.5 levels as compare to previous trading session to with a total of 4,405 lots traded in the market. FKLI was traded sideways towards downside as regional indices weaken due to some profit taking activities for weekend holidays.

Technically, FKLI seems challenged lower resistance trend line and previous high point at 1189.5 levels. Based on our technical analyst, our opinion suggests FKLI would trade lower in the coming trading session provided resistance levels at 1189.5 and 1196 were not violated during trading sessions. However, traders were advice to hold short position in the coming trading session while be alert around support levels at 1178 and 1172 levels.