FKLI Commentary on 28/10/09

FKLI Oct Futures contract fall 7 points lower to close at 1254 levels as compare to previous trading session to with a total of 7,849 lots traded in the market. FKLI manage to rebound higher despite regional indices were traded lower during trading sessions after budget was announced last Friday.

Technically, FKLI price manages to rebound 50% Fibonacci resistance level at 1256 regions during trading session after complete to 161.8% Fibonacci support levels at 1246.6 regions. Based on our technical view, our opinions suggest FKLI would expect to be supported around 78.6% Fibonacci support levels at 1242 and 1233.5 regions. Traders were advice to long on dip in the coming trading sessions provided support levels were not violated. Resistance levels were seen at 1265 and 1271 regions.