FKLI Commentary on 24/11/09

FKLI Nov Futures contract traded 2 points higher close at 1273 levels as compare to previous trading session to with a total of 2,579 lots traded in the market. FKLI was traded sideways during entire trading session despite regional indices and Dow Jones electronic trading were traded strong during trading sessions.

Technically, FKLI appear to test support levels at 1269 and 1264 regions but fail to penetrate after few attempts in effort to search for lower support levels. Based on our technical view, FKLI still seems strong while traded within the support and resistance trend line in the daily chart. Our opinion suggests that FKLI would consider traded sideways until price was traded beyond support level at 1250 and 1233.5 or resistance levels at 1277 and 1281 in either directions. Traders were advice to hold long position as FKLI was yet to have bearish signal in the price chart.