FKLI Daily Commentary for 9th Mar 2010

FKLI March Futures contract was traded 20.5 points higher as compare to previous trading session to close at 1323.5 levels with a total of 6,608 lots traded in the market. FKLI was traded higher since open for trading as all regional indices were traded higher due firm Dow Jones overnight trading. However, FKLI was traded slightly lower before end of trading sessions due to some mild profit taking activity.
FKLI overcome previous high at 1307 upon open for trading and continue to trade higher to meet wave at 223.6% and 150% Fibonacci objective price at 1327.5 regions. Technically, FKLI seem complete short term count at 1327.5 regions as cluster formation was seen range from 1326 to 1327.5 regions. FKLI was expect to trade lower with condition failed in attempt to search for higher resistance levels at 1340 and 1350 regions in the coming trading sessions. However, support levels were at 1305 and 1288 regions with assumption of effort attempt to cover uncovered territory in the daily chart.