FKLI Daily Commentary for 26th Apr 2010

FKLI April Futures contract was traded 2 points lower as compare to previous trading session to close at 1340 levels with a total of 3,063 lots traded in the market. FKLI was trading sideways during trading session as regional indices were mainly trading lower despite overnight Dow Jones was settled slightly higher.
FKLI retrace slightly to 1336, 38.2% Fibonacci support levels before to launch the 9th attempt to penetrate resistance trend line in the hourly chart. Technically, FKLI would affirm resume in bull trend provided traded price must be capable to hold above resistance levels at 1344.5 and 1350.5. However, FKLI would encounter reverse trend once support levels at 1327.5 and 1322 were violated, in the coming trading sessions.