EquityPandit’s Outlook for NIFTY MEDIA for the week   (Feb 18, 2019 – Feb 22, 2019) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 4.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 2250 to 2300 where Fibonacci levels 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 2350 to 2400 where Fibonacci levels are lying. During the week the index manages to hit a high of 2361 and close the week around the levels of 2310.

Minor support for the index lies around 2250 to 2280. Support for the index lies in the zone of 2050 to 2100 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 1700 to 1750 where long term Fibonacci levels are lying.

Resistance for the index lies in the zone of 2300 to 2350 where Fibonacci levels 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 2400 to 2450 where Fibonacci levels and medium term moving averages are lying.

Broad range for the index is seen between 2020 to 2100 on downside & 2400 to 2450 on upside.