FKLI Commentary on 18/09/09

FKLI Sep Futures contract traded marginally 2 points lower to close at 1216 levels as compare to previous trading session to with a total of 4,020 lots traded in the market. FKLI traded lower during trading session after opened higher during trading session despite most of the regional indices were traded highest upon closing of trading sessions.

Technically, FKLI fail to hold above resistance levels at 1221 regions after manage to complete 38.1% Fibonacci projection levels at 1224.5 regions in the hourly chart. Based on our technical knowledge, our opinion suggests FKLI still riding on a bull rally provided support levels at 1202 and 1190 must not be violated in the coming trading sessions. Traders were advice to hold long position while be cautious around resistance levels at 1224.5 and 5 and 1231.5 regions.