FKLI Daily Commentary for 23th Feb 2010

FKLI Feb Futures contract traded 14 points higher to close at 1266 levels as compare to previous trading session to with a total of 6,639 lots traded in the market. FKLI opened higher and triggered higher to 1288 levels due to some overnight stop limit order as price attempt to trade higher as regional indices were traded higher during trading sessions.
FKLI spike up highest at 1288 levels, 78.6% Fibonacci resistance levels, after previous resistance levels at 1261.5 fails to overcome the buying activities during morning sessions. Technically, FKLI manage to reach 1288 resistance levels on wave C count despite we anticipate resistance levels at 1280 regions on wave 4 count basis. However, resistance levels at 1280 view as vital resistance levels in case FKLI still trading on wave 4 counts while 1288 seen at false pricing. Medium term still suggest FKLI still trading on correction phase provided resistance levels at 1288 and 1295.5 were not violated while support levels were seen at 1247 and 1263 regions.