EquityPandit’s Outlook for NIFTY MEDIA for the week   (Feb 4, 2019 – Feb 8, 2019) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 5.80%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 2242 and close the week around the levels of 2097.

Support for the index lies in the zone of 2050 to 2100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 1700 to 1750 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2250 to 2300 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 2350 to 2400 where Fibonacci levels are lying.

Broad range for the index is seen between 1800 to 1850 on downside & 2300 to 2350 on upside.