EquityPandit’s Outlook for NIFTY MEDIA for the week  (April 24, 2017 – April 28, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 3.40%.

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 3133 and close the week around the levels of 3266.

Minor support for the index lies in the zone of 3210 to 3230. 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.

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 3150 to 3180 on downside & 3320 to 3350 on upside.