FKLI Commentary on 03/11/09

FKLI Nov Futures contract traded unchanged to close at 1245.5 levels as compare to previous trading session to with a total of 5,291 lots traded in the market. FKLI opened lower due to Dow Jones weak overnight closing while regional indices plunge on open session. However, FKLI slowly recovered upon closing due to some profit taking for the overnight short position.

Technically, FKLI seems well supported above 1236 support levels; 50% Fibonacci support level in the hourly price chart. Based on our technical view, our opinion suggests FKLI would trade higher in the coming trading session provided support levels at 1236 and 1227 were not violated during trading sessions. Traders were advice to hold long position I while be cautious around resistance levels at 1265 and 1272 regions.