FKLI Daily Commentary for 20th May 2010

FKLI May Futures contract plunge 26.5 points lower as compare to previous trading session to close at 1304 levels with a total of 11,543 lots traded in the market. FKLI plunge in the afternoon sessions after news release regarding German authorities to impose some restrictions on the trading product which directly influence regional indices plunge lower upon closing.
FKLI seems consolidate within range in the earlier sessions before continue to plunge lower towards support levels at 1300 regions. Technically, FKLI seems temporary supported above previous low at 1301.5 regions after plunge lower from consolidate phase at 1320 regions. FKLI would further affirm towards south once support levels at 1301.5 and 1287.5 fails to hold against the selling pressure in the coming trading sessions while resistance levels were seen at 1313 and 1325 regions.