FKLI Daily Commentary for 10th May 2010

FKLI May Futures contract was traded 5 points lower as compare to previous trading session to close at 1324.5 levels with a total of 12,548 lots traded in the market. FKLI performed exceptionally better than regional indices and Dow Jones overnight trading as it recovered during trading sessions despite was opened 30 points below previous settlement value.
FKLI opened lowest at 1301.5; 78.6% and 38.2% Fibonacci support levels and rebound towards 61.8% Fibonacci resistance levels at 1329 regions. FKLI seems recovered from earlier penetration of previous support levels at 1321 regions. Technically, FKLI would reverse to bearish side provided resistance levels at 1329 and 1336.5; 61.8% and 78.6% Fibonacci resistance levels were not violated in the coming trading sessions. However, FKLI would further affirm trading south provided price was traded below support levels at 1317 and 1310 regions.