FKLI Commentary on 20/10/09

FKLI Oct Futures contract traded 2 points higher at 1265 levels as compare to previous trading session to with a total of 3,750 lots traded in the market. FKLI was traded higher during trading sessions due to strong support from regional indices despite was opened lower on morning sessions as Dow Jones were retract slightly after 1st attempt to penetrate psychology levels at 10,000 levels.
Technically, as of our expectation, FKLI were traded higher after seems supported above 1256.5 regions while being resisted around resistance levels at 1266 regions. Based on our technical analyst on FKLI, our opinion suggests FKLI would continue to trade higher in the coming trading sessions provided nearest support levels at 1262 and 1256 were not violated during trading sessions. Traders were advice to hold long position while be cautious around resistance levels at 1268 and 1276 regions.