FKLI Commentary on 14/01/10

FKLI Jan Futures contract closed marginally 1.5 point lower to settle at 1291.5 levels as compare to previous trading session to with a total of 4,500 lots traded in the market. FKLI was traded sideways since opening sessions for trading despite regional indices especially Nikkei Exchange, Hang Seng exchange and Shang Hai Exchange plunge lower during trading sessions.

FKLI traded sideways within range from 1289.5 to 1292 regions hence form rectangular consolidation in the hourly price chart. FKLI seems holding above support levels at 1290; 23.6% and 100% Fibonacci support levels while hourly RSI seem temporary supported above the trend line. Technically, FKLI must not trade above resistance levels at 1293.5 and 1298.5 in order for FKLI to remain trading within tight range in the hourly price chart. Further selling activity would initiate if support levels at 1290 and 1278.5; both 23.6% and 50% Fibonacci support levels, fails to hold against the selling pressure.