EquityPandit’s Outlook for NIFTY MEDIA for the week   (Jan 21, 2019 – Jan 25, 2019) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 4.30%.

As we have mentioned last week, that minor resistance for the index lies around 2530 to 2550. 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. During the week the index manages to hit a high of 2559 and close the week around the levels of 2389.

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.

Minor resistance for the index lies around 2450 to 2500. 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 2200 to 2250 on downside & 2600 to 2650 on upside.