EquityPandit’s Outlook for NIFTY MEDIA for the week  (May 08, 2017 – May 12, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 4.00%.

As we have mentioned last week that minor support for the index lies in the zone of 3210 to 3230. Support for the index lies in the zone of 3140 to 3150 from where the index broke out of the October-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3110 from where the index broke out after consolidation. During the week the index manages to hit a low of 3114 and close the week around the levels of 3119.

Support for the index lies in the zone of 3100 to 3110 from where the index broke out after consolidation and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3030 to 3070 from where the index broke out of February-2017 highs.

Resistance for the index lies in the zone of 3130 to 3160 where lows of the month of April-2017 is lying. If the index manages to close above these levels then the index can move to the levels of 3230 to 3270 where the index has formed a short term top.

Broad range for the index is seen between 3030 to 3050 on downside & 3220 to 3250 on upside.