FKLI Daily Commentary for 22nd March 2010

FKLI March Futures contract was traded marginally 1 point higher as compare to previous trading session to close at 1298 levels with a total of 5,138 lots traded in the market. FKLI manage to recover from losses after FKLI was plunge lower during trading sessions as most of the regional indices recovered from losses during 1st trading sessions.
FKLI opened higher and attempted to challenge 61.8% Fibonacci resistance levels at 1304 regions before plunge lower to test 1293.5, 50% Fibonacci support levels. Technically, there are 2 possibility wave counts that indicate near end of short term downtrend where support levels at 1290 and 1284, both are 61.8% and 78.6% Fibonacci support levels must not be violated during trading sessions. Failure to penetrate support levels shall trigger buying interest where resistance levels were seen at 1310.5 and 1327, both at 50% and 78.6% Fibonacci resistance levels.