FKLI Daily Commentary for 21st May 2010

FKLI May Futures contract traded 0.5 points lower as compare to previous trading session to close at 1303.5 levels with a total of 9,739 lots traded in the market. FKLI seems riding on roller coaster during trading sessions as buyers and seller seems putting best effort to take charge while regional indices were trading sideways during trading sessions.
FKLI seems temporary supported above support levels at 1296 regions; 50%, 161.8% and 100% Fibonacci support regions before manage to rebound towards 1308.5 regions at 23.6% Fibonacci resistance levels. Technically, FKLI seems temporary holding above support levels at 1296 regions while resistance levels were anticipated at 1315 and 1322; 38.2% and 50% Fibonacci resistance levels, after today’s high at 1308 regions. However, FKLI support levels seen at 1279.5 and 1263.5 regions; 50% and 61.8% Fibonacci support levels, must not be violated in the coming trading session.