FKLI Daily Commentary for 8th March 2010

FKLI March Futures contract was traded 18 points higher as compare to previous trading session to close at 1303 levels with a total of 6,566 lots traded in the market. FKLI was traded higher during trading sessions as Dow Jones overnight trading and regional trading were traded firm which directly effect FKLI trading upon opening.
FKLI manage to penetrate previous resistance levels at 1290 regions and continue to surge towards next resistance levels at 1307 regions but encounter short term resistance levels at 1305 regions, 78.6% Fibonacci resistance levels. Technically, FKLI would affirm extension on wave 3 once resistance levels at 1309 were violated during trading session. However, FKLI seems temporary top on short term count where support levels seen at 1292 and 1280 regions. Resistance levels were seen at 1307 and 1350 regions.