FKLI Daily Commentary for 176th Mar 2010

FKLI Mar Futures contract traded 2.5 point higher to close at 1305.5 levels as compare to previous trading session to with a total of 6,331 lots traded in the market. FKLI was traded sideways during trading sessions as regional indices and Dow Jones electronic trading were also traded within tight range.
FKLI consolidate within range from 1308 to 1302 range during trading sessions after attempt to penetrate resistance levels at 1312 failed in the earlier sessions. Technically, support level at 1302 seems holding well against selling pressure after 3rd attempt to penetrate support levels. Upon wave count, FKLI would anticipate on rebound provided support levels at 1298 and 1286 were not violated during trading sessions while resistance levels were seen at 1318 and 1329 regions. However, FKLI on overall still riding on correction phase in the coming trading sessions.