FKLI Commentary on 021109

FKLI Oct Futures contract rebound 6 points higher to settle at 1244.5 levels as compare to previous trading session to with a total of 2,753 lots traded in the market. FKLI was traded lower during later sessions despite was opened higher due to strong Dow Jones overnight closing and affirmative regional indices during trading sessions.

Technically, FKLI was rebound 50% Fibonacci resistance levels at 1251 regions without an attempt to penetrate wave 1 end count at 1253 levels. Based on our technical view, FKLI would continue to trade lower if support levels at1240 and 1235 were fail to hold against the selling pressure in the coming trading sessions. However, traders were still advice to hold long position in the coming trading sessions while put tight stop loss around support levels if support levels were violated during trading sessions. Resistance levels were seen at 1253 and 1265.