EquityPandit’s Outlook for NIFTY MEDIA for the week  (Aug 21, 2017 – Aug 25, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3013 and close the week around the levels of 2948.

Support 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 below these levels then the index can drift to the levels of 2750 to 2800 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3030 to 3060 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3100 where medium term moving averages are lying.

Broad range for the index is seen between 2850 to 2870 on downside & 3030 to 3050 on upside.