Markets moved in tight range for most part of the week due to F&O Expiry and bounced in the last session and closed on a strong note. Nifty future on weekly charts took support of 21 day EMA last week and sustained on higher side this week. If the positive momentum continues then in coming weeks major resistance is seen around the trend line as shown in chart above i.e. around 6400. While on lower side, 6000 is seen as the crucial support below which selling pressure is expected. However, index is likely to move in the range of 6100-6280 in the coming week.
CRUCIAL POINT: 6310
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Source : Trifid Research