FKLI Daily Commentary for 8th June 2010

FKLI June Futures contract traded marginally 1 point lower to close at 1299 levels as compare to previous trading session to with a total of 4,062 lots traded in the market. FKLI trading within tight range during trading sessions as regional indices were traded indecisive towards the market direction.
FKLI failed in attempt to penetrate previous higher at 1302.5 during trading sessions after manage to allocate short term support at 1293 regions. Technically, FKLI seems manage to rebound 61.8% Fibonacci resistance levels at 1299 regions and correction wave C were expected to take in picture where next nearest support levels were seen at 1288 and 1285.5 regions. However, resistance levels for FKLI trading still maintain at 1307 and 1325 region, both were 61.8% and 78.6% Fibonacci resistance levels.