EquityPandit’s Outlook for NIFTY MEDIA for the week   (Dec 17, 2018 – Dec 21, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that minor support for the index lies in the zone of 2450 to 2480. Support for the index lies in the zone of 2350 to 2400 where Fibonacci levels and low for the month of November-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 2200 to 2250. During the week the index manages to hit a low of 2430 and close the week around the levels of 2563.

Minor support for the index lies in the zone of 2500 to 2530. Support for the index lies in the zone of 2350 to 2400 where Fibonacci levels and low for the month of November-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 2200 to 2250.

Resistance for the index lies in the zone of 2600 to 2630 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 2700 to 2730 where Fibonacci levels are lying.

Broad range for the index is seen between 2350 to 2400 on downside & 2650 to 2700 on upside.