FKLI Daily Commentary for 27th Jan 2010

FKLI Jan Futures contract plunge 17 points lower to close at 1278 levels as compare to previous trading session to with a total of 10,066 lots traded in the market. FKLI plunge lower as regional indices were traded lower during overnight trading despite Dow Jones overnight trading was traded above the settlement benchmark.
FKLI fails to above previous month low at 1289 support regions after manage to rebound towards 1295.5 levels in the morning trading sessions. Technically, FKLI seems rest on support levels at 1279 regions; 50% and 123.6% Fibonacci support, but further selling activities would be encounter in the case support levels at 1272 and 1251 fails to against the selling pressure. 1272.5 support levels was view as trend line support in the hourly chart. However, FKLI remain on correction phase provided resistance levels at 1295.5 and 1300 were not violated in the coming trading sessions.