FKLI Daily Commentary for 18th Mar 2010

FKLI Mar Futures contract traded 1.5 point higher to close at 1307 levels as compare to previous trading session to with a total of 5,169 lots traded in the market. FKLI was traded marginally higher despite regional indices and Dow Jones electronic trading were traded strong during trading hours.
FKLI reached objective price at 1312 regions; 100% and 38.1% Fibonacci resistance levels, consolidate for 5 hours before started to plunge lower in the 2nd trading sessions before FKLI close for trading. Technically, FKLI seems temporary topped around resistance levels at 1312 and 1318 region; both were 38.1% and 61.8% Fibonacci resistance levels. FKLI were anticipating further correction phase provided support levels at 1298 and 1286 fails to hold against the selling pressure.