FKLI Daily Commentary for 28th July 2010

FKLI July Futures contract traded 0.5 points higher to close at 1355.5 levels as compare to previous trading session to with a total of 11,143 lots traded in the market. FKLI opened higher for trading but only manage to settle 0.5 point higher due to massive profit taking activities despite regional indices were traded higher during trading sessions.
FKLI fall after attempt to penetrate resistance levels at 1361 regions failed in the morning trading sessions before start to engage to find support at 1351 regions. However, FKLI manage to recover some losing ground towards 1357 region, 61.8% Fibonacci resistance levels regions. Technically, FKLI seems manage to rebound 61.8% Fibonacci figure after manage to penetrate 0.5 point below support levels at 1351. FKLI would expect to trade lower in the coming trading sessions provided resistance levels at 1357 and 1363 were not violated in the coming trading sessions. Support levels were seen at 1343.5 and 1338 regions.