Nifty future likely to move in 4200-4500 range

After hitting a high of 4537 during intra-week, the Nifty July future slipped quite sharply to end the week at 4329.65, albeit with higher volumes. Further, it also appears to have moved into a higher orbit; this time it is likely to move around 4200-4500 range after having remained in a narrow range between 3800 and 4250 in the last couple of weeks. It now faces major resistance at 4500-4550 range and support at 3800-3810 range. A dip below 3810 has the potential to take the Nifty future down to 3510-3500 levels. On the other hand any further rise could take the Nifty future to 4850 level, where it finds a major resistance.