FKLI Commentary on 11/11/09

FKLI Nov Futures contract traded 1 point lower to close at 1272 levels as compare to previous trading session to with a total of 7,520 lots traded in the market. FKLI traded lower despite firm affirmation from Dow Jones overnight closing. FKLI traded lower mainly due to heavy profit taking activity of previous pre anticipate long position before session was closed for trading.

Technically, FKLI manage to reach multiple objective prices at 1281.5 regions before starts correction phase which 1st support level seen at 1270 region at 23.6% Fibonacci support levels. Based on our technical view, our opinion suggests FKLI would trade higher in the coming trading session provided support levels at 1270 and 1262 were not violated during trading sessions. Traders were advice to hold long provided support levels were not violated while be cautious around resistance levels at 1276 and 1282.5 regions.