EquityPandit’s Outlook for NIFTY MEDIA for the week  (Sep 18, 2017 – Sep 22, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3070 to 3090 where medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3130 to 3150 where Fibonacci levels are lying. During the week the index manages to hit a high of 3109 and close the week around the levels of 3100.

Minor support for the index lies in the zone of 3020 to 3050. 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 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 3200 to 3230.

Broad range for the index is seen between 3000 to 3030 on downside & 3200 to 3230 on upside.