FKLI Commentary on 25/11/08

FKLI November contract plunge 18 points lower compare toprevious trading session at 851 with a total of 8849 lots traded in the market.

FKLI unexpectedly plunge 18 point lower as profit taking activities occur for most of the regional indices despite Dow Jones surge up during overnight trading session. Technically, FKLI seems starts to retrace afterreach 869; 123.6% Fibonacci projection instead fulfilling our expectation to reach875; 161.8% Fibonacci projection. However, FKLI seems to temporary rested on 852.5 regions which is 61.8% Fibonacci retracement levels. Traders were adviceto hold long position in the coming trading session provided if support levelsat 840 and 800 were not violated. Resistances were seen at 869.5 and 884.5regions.