FKLI Commentary on 01/10/09

FKLI Sep Futures contract fall 5.5 points lower to settle at 1202 levels as compare to previous trading session to with a total of 2,769 lots traded in the market. FKLI was traded lower with tight range as regional indices were not much volatile itself during trading sessions.

Technically, FKLI was entirely traded lower during trading session and tested support levels at 1200.5; 100% Fibonacci projection levels. Based on our technical view, our opinion suggests FKLI was likely changed towards south provided resistance levels at 1222 and 1232 were not violated during trading sessions. However, traders were advice to hold short position cautiously around support levels at 1196 and 1189 regions.