EquityPandit’s Outlook for NIFTY MEDIA for the week  (Dec 26, 2017 – Dec 29, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that support for the index lies in the zone of 3220 to 3250 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 3150 to 3170 where Fibonacci levels are lying. During the week the index manages to hit a low of 3257 and close the week around the levels of 3446.

Support for the index lies in the zone of 3350 to 3400 where the index has formed a top in the month of November-2017. If the index manages to close below these levels then the index can drift to the levels of 3220 to 3250 from where the index broke out.

Resistance for the index lies in the zone of 3480 to 3500. If the index manages to close above these levels then the index can move to the levels of 3570 to 3600.

Broad range for the index is seen between 3200 to 3230 on downside & 3550 to 3600 on upside.