FKLI Commentary on 30/09/09

FKLI Sep Futures contract rebound 2.5 higher to close at 1207.5 levels as compare to previous trading session to with a total of 3,166 lots traded in the market. FKLI was traded lower during trading sessions despite Dow Jones overnight trading and regional indices were recovered strongly.

Technically, FKLI opened higher in the 1st trading sessions but traded lower after 50% Fibonacci retrace levels at 1213.5 fail to get penetrate and get rested above 78.6% Fibonacci support levels. Based on our technical view, our opinion suggests FKLI is possible to rebound higher provided support levels at 1202 were not violated during trading hours. However, traders were still advice to hold short position in the coming trading sessions as reverse trend pattern is getting likely to form. Resistance levels were seen at 1218 and 1226 regions.