EquityPandit’s Outlook for NIFTY MEDIA for the week   (Jan 15, 2018 – Jan 19, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that support for the index lies in the zone of 3480 to 3500 where the index has formed a top in the month of December-2017. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 from where the index broke out. During the week the index manages to hit a low of 3500 and close the week around the levels of 3592.

Support for the index lies in the zone of 3480 to 3500 where the index has formed a top in the month of December-2017. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 from where the index broke out.

The index is trading at all time highs and is in strong uptrend so virtually no resistance levels are visible. Resistance for the index lies in the zone of 3650 to 3700.

Broad range for the index is seen between 3450 to 3500 on downside & 3680 to 3700 on upside.