EquityPandit’s Outlook for NIFTY MEDIA for the week   (Dec 31, 2018 – Jan 04, 2019) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 3.60%.

As we have mentioned last week, that support for the index lies in the zone of 2350 to 2400 where Fibonacci levels and low for the month of November-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 2200 to 2250. During the week the index manages to hit a low of 2392 and close the week around the levels of 2556.

Minor support for the index lies in the zone of 2470 to 2500. Support for the index lies in the zone of 2350 to 2400 where Fibonacci levels and low for the month of November-2018 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 2630 where Fibonacci levels and medium term moving averages 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 are lying.

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