FKLI Daily Commentary for 28th Jan 2010

FKLI January Futures contract was plunge another 16.5 points lower as compare to previous trading session to close at 1261.5 levels with a total of 11,011 lots traded in the market. FKLI was traded lower despite opened higher in the 1st trading sessions as regional indices were traded optimistic before plunge lower in the 2nd trading sessions.
FKLI continue to trade lower after penetrate previous support levels at 1278 regions; 38.1% Fibonacci support level, and continue traded lower to flirt with support levels at 1260.5; 61.8% Fibonacci support levels, before FKLI closed for trading sessions. Technically, FKLI seems nearly reach 200% Fibonacci projection levels at 1259.5 regions before end of trading sessions. However, FKLI view remain bearish on short term basis provided resistance levels at 1288 and 1295.5 were not violated during trading sessions while support levels remain seen at 1259.5 and 1247.5 regions; 78.6% Fibonacci support levels.