FKLI Commentary on 17/11/09

FKLI Nov Futures contract traded 9 points higher to close at 1282 levels as compare to previous trading session to with a total of 3,784 lots traded in the market. FKLI was opened and traded higher due Dow Jones overnight and electronic trading were traded encouraging while regions indices were traded firm during trading sessions and directly enhance investor’s confident to hold long position.

Technically, FKLI price was traded within a uptrend parallel channel and manage to complete 178.6% Fibonacci resistance levels at 1284 regions during trading sessions. Based on our technical view, FKLI is possible to retrace slightly in the coming trading session towards support levels at 1274.5 and 1264.5 regions. Our opinion suggests FKLI still riding on a affirmative bull rally provided support levels were not violated during trading sessions. Traders were advice to apply long on dip strategy in the coming trading sessions while be cautious around resistance levels at 1285 and 1300 levels.