FKLI Daily Commentary for 25th March 2010

FKLI March Futures contract was traded 1 point higher as compare to previous trading session to close at 1313 levels with a total of 5,578 lots traded in the market. FKLI encounter some profit taking activity during trading sessions as it was opened higher but traded lower during trading sessions.
FKLI slower it’s speed on upsurge after encounter resistance levels at 1318; 61.8% and 223.6% Fibonacci resistance levels. Technically, FKLI would seen continue traded lower in the coming trading sessions provided resistance levels at 1318 and 1326.5; 61.8% and 78.6% Fibonacci resistance levels, were not violated in the coming trading session. However, support levels were seen at 1308 and 1304 region; 38.2% and 50% Fibonacci support levels, must be penetrated in the coming trading session in order for correction phase to resume.