EquityPandit’s Outlook for NIFTY MEDIA for the week   (Aug 20, 2018 – Aug 24, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 2.00%.

As we have mentioned last week, that minor support for the index lies in the zone of 2840 to 2860. 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. During the week the index manages to hit low of 2786 and close the week around the levels of 2845.

Minor support for the index lies in the zone of 2840 to 2860. 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.

Resistance for the index lies in the zone of 2950 to 3000 from where the index broke down after consolidation 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 3050 to 3100 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 2700 to 2750 on downside & 3000 to 3050 on upside.