EquityPandit’s Outlook for NIFTY MEDIA for the week  (July 24, 2017 – July 28, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 3.00%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3060 to 3080. Resistance for the index lies in the zone of 3130 to 3150 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3250 to 3300 where the index has made a double top pattern and Fibonacci level is lying. During the week the index manages to hit a high of 3166 and close the week around the levels of 3158.

Minor support for the index lies in the zone of 3080 to 3100. Support for the index lies in the zone of 3000 to 3030 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 2910 to 2940 where Fibonacci levels and 200 Daily moving averages are lying.

Resistance for the index lies in the zone of 3130 to 3150 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3250 to 3300 where the index has made a double top pattern and Fibonacci level is lying.

Broad range for the index is seen between 3000 to 3030 on downside & 3270 to 3300 on upside.