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

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 8.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 2500 to 2550 from where the index has broken down from the double bottom formed in the month of November-2016 and December-2016. If the index manages to close above these levels then the index can move to the levels of 2650 to 2700 where Fibonacci levels are lying. During the week the index manages to hit a high of 2605 and close the week around the levels of 2567.

Minor support for the index lies in the zone of 2450 to 2500. Support for the index lies in the zone of 2300 to 2350 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2200 to 2250.

Resistance for the index lies in the zone of 2600 to 2650 where Fibonacci levels and short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 2800 to 2850 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 2400 to 2450 on downside & 2700 to 2750 on upside.