EquityPandit’s Outlook for NIFTY MEDIA for the week  (Aug 14, 2017 – Aug 18, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 7.00%.

As we have mentioned last week, that minor support for the index lies in the zone of 3080 to 3100 where short term moving averages are lying. 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. During the week the index manages to hit a low of 2845 and close the week around the levels of 2873.

Support for the index lies in the zone of 2750 to 2800 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2670 to 2700 where break out levels for the index is lying.

Resistance for the index lies in the zone of 2910 to 2950 where Fibonacci levels and 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3030 to 3060 where short term moving averages are lying.

Broad range for the index is seen between 2750 to 2770 on downside & 3000 to 3030 on upside.