FKLI Commentary on 26/08/09

FKLI Aug Futures contract fall 8.5 points lower to close at 1171 levels as compare to previous trading session to with a total of 7,839 lots traded in the market. FKLI traded lower as regional indices were traded weak but manage to cover some losses before market closed.

Technically, FKLI seems unable to breach resistance levels at 1180.5; 78.6% Fibonacci retrace levels and manage to rebound 50% Fibonacci retrace levels after found support at 1177 levels. Based on our technical view, our opinion suggests FKLI would plunge provided resistance levels at 1176 and 1182 were not violated during trading session. Traders were advice to hold short position in the coming trading session while be cautious around support at 1167 and 1160.5 levels.