EquityPandit’s Outlook for NIFTY MEDIA for the week  (Oct 23, 2017 – Oct 27, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 2.20%.

As we have mentioned last week, that the index has closed just below the support zone of 2980 to 3020 where break out 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 2910 to 2950 where Fibonacci levels. During the week the index manages to hit a low of 2918 and close the week around the levels of 2943.

Support for the index lies in the zone of 2900 to 2930 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2820 to 2850 where Fibonacci levels and lows for the month of August-2017 is lying.

Minor resistance for the index lies in the zone of 2980 to 3000. Resistance for the index lies in the zone of 3030 to 3050 where medium term 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 3130 to 3150 where Fibonacci levels are lying.

Broad range for the index is seen between 2830 to 2850 on downside & 3050 to 3080 on upside.