EquityPandit’s Outlook for NIFTY MEDIA for the week   (Apr 02, 2018 – Apr 06, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that support for the index lies in the zone of 3200 to 3230 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3050 to 3100 where break out levels are lying. During the week the index manages to hit a low of 3220 and close the week around the levels of 3286.

Support for the index lies in the zone of 3200 to 3230 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3050 to 3100 where break out levels are lying.

Resistance for the index lies in the zone of 3350 to 3400 where short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3470 to 3500 from where the index broke down.

Broad range for the index is seen between 3050 to 3100 on downside & 3450 to 3500 on upside.