EquityPandit’s Outlook for NIFTY MEDIA for the week   (Jan 28, 2019 – Feb 1, 2019) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 17.00%.

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 1896 and close the week around the levels of 1982.

Support for the index lies in the zone of 1700 to 1750 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 1500 to 1550.

Resistance for the index lies in the zone of 2050 to 2100 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2150 to 2200.

Broad range for the index is seen between 1700 to 1750 on downside & 2200 to 2250 on upside.