FKLI Daily Commentary 29th Jan 2010

FKLI Jan Futures contract rebound 5.5 points lower to close at 1267 levels as compare to previous trading session to with a total of 6,316 lots traded in the market. FKLI opened and traded higher trading sessions as regional indices and Dow Jones electronic trading were traded very encouraging after a week of heavy liquidation on stocks holding nearly in every major equity indices around the world.
FKLI seem temporary holding above support levels at 1260.5; 61.8% and 178.6% Fibonacci support levels in the hourly price chart but yet to confirm correction phase has ended. Technically, FKLI would view remain in correction phase provided resistance levels at 1288 and 1295.5, 78.6% and 100% Fibonacci support level, were violated in the coming trading sessions. However, FKLI seen would rebound mildly after 4 consecutive day of bear rally with short term resistance level seen at 1273 and 1278 region. FKLI was seen supported around 1260.5 and 1247.5 regions in order for short term uptrend to remain affirm.