EquityPandit’s Outlook for NIFTY MEDIA for the week   (Feb 19, 2018 – Feb 23, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3400 to 3450 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3570 to 3600 from where the index broke down. During the week the index manages to hit a high of 3463 and close the week around the levels of 3314.

Support for the index lies in the zone of 3250 to 3300 where Fibonacci levels and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3150 to 3180 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 3400 to 3450 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3570 to 3600 from where the index broke down.

Broad range for the index is seen between 3150 to 3200 on downside & 3500 to 3550 on upside.