EquityPandit’s Outlook for NIFTY MEDIA for the week   (Nov 19, 2018 – Nov 23, 2018) : 

NIFTY MEDIA:

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

As we have mentioned last week, that minor resistance for the index lies in the zone of 2500 to 2525. Resistance for the index lies in the zone of 2600 to 2630 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2700 to 2730 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 2532 and close the week around the levels of 2434.

Minor support for the index lies in the zone of 2400 to 2430. Support for the index lies in the zone of 2300 to 2330 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.

Minor resistance for the index lies in the zone of 2500 to 2525. Resistance for the index lies in the zone of 2600 to 2630 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2700 to 2730 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 2250 to 2300 on downside & 2550 to 2600 on upside.