EquityPandit’s Outlook for NIFTY MEDIA for the week  (April 03, 2017 – April 07, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 2.70%.

As we have mentioned last week that support for the index lies in the zone of 3030 to 3050 from where the index broke out of the February-2017 highs. Support for the index lies in the zone of 2975 to 3000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2920 to 2940 where the index has taken multiple support. During the week the index manages to hit a low of 3077 and close the week around the levels of 3174.

Support for the index lies in the zone of 3140 to 3150 from where the index broke out of the October-2016 highs. Support for the index lies in the zone of 3100 to 3110 from where the index broke out after consolidation. If the index manages to close below these levels then the index can drift to the levels of 3040 to 3060 where the index has taken multiple support and index broke out of February-2017 highs.

The index is trading at all time highs so virtually no resistance is visible. Resistance for the index lies in the zone of 3200 to 3230. If the index manages to close above these levels then the index can move to the levels of 3310 to 3320 where Fibonacci extension is lying.

Broad range for the index is seen between 3080 to 3100 on downside & 3280 to 3300 on upside.