FKLI Commentary on 19/11/09

FKLI Nov Futures contract closed marginally 0.5 points lower to close at 1277.5 levels as compare to previous trading session to with a total of 4,001 lots traded in the market. FKLI was traded wide range as regional indices were traded without affirmative direction during trading sessions despite Dow Jones was closed firm during overnight trading sessions.

Technically, FKLI price fail to penetrate 1284.5 resistance levels after 3rd attempt to penetrate the resistance levels. Based on our technical view, FKLI manage to rest on 50% and 100% Fibonacci support levels at 1274 regions. Our opinion suggests FKLI would likely to trade higher provided well supported above support levels at 1272 and 1268 regions. Traders were advice to hold long position around support levels while be cautious around resistance levels at 1285 and 1295 regions.