EquityPandit’s Outlook for NIFTY MEDIA for the week  (April 17, 2017 – April 21, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.50%.

As we have mentioned last week that support for the index lies in the zone of 3140 to 3150 from where the index broke out of the October-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3110 from where the index broke out after consolidation. During the week the index manages to hit a low of 3153 and close the week around the levels of 3158.

Support for the index lies in the zone of 3140 to 3150 from where the index broke out of the October-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3110 from where the index broke out after consolidation.

Minor resistance for the index lies in the zone of 3180 to 3200. Resistance for the index lies in the zone of 3240 to 3260. If the index manages to close above these levels then the index can move to the levels of 3310 to 3320 where Fibonacci extension is lying.

Broad range for the index is seen between 3050 to 3080 on downside & 3260 to 3280 on upside.