EquityPandit’s Outlook for NIFTY MEDIA for the week   (Aug 06, 2018 – Aug 10, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that minor resistance lies around 2850 to 2900. Resistance for the index lies in the zone of 2950 to 3000 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 3050 to 3100 where Fibonacci levels and short term moving averages are lying. During the week the index manages to hit a high of 2876 and close the week around the levels of 2868.

Support for the index lies in the zone of 2750 to 2800 where long term trend-line support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 2650 to 2700 where Fibonacci levels are lying.

Minor resistance lies around 2850 to 2900. Resistance for the index lies in the zone of 2950 to 3000 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 3050 to 3100 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen between 2650 to 2700 on downside & 2950 to 3000 on upside.