FKLI Daily Commentary for 2nd Mar Feb 2010

FKLI Mar Futures contract traded 18 point to close at 1283 levels as compare to previous trading session to with a total of 5,881 lots traded in the market. FKLI opened lower as compare to previous month settlement price but traded higher since open for trading as regional indices especially Nikkei and Hang Seng were traded higher despite Dow Jones was not encouraging during overnight trading for past 2 consecutive days.
Based on hourly continuous FKLI price chart, FKLI seems temporary support above 38.1% Fibonacci support levels at 1272 regions despite March were trading at 1265 regions in the previous week when Feb contract still the active trading contract month. Technically, FKLI seems attempt to challenge resistance levels at 1289 regions; 78.6%, 61.8% and 100% Fibonacci objective figures, provided support levels at 1279 and 1272 were not violated during trading sessions. We anticipated greater selling pressure around resistance levels at 1288 and 1295.5 regions.