EquityPandit’s Outlook for NIFTY MEDIA for the week   (Jan 08, 2018 – Jan 12, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 3441 and close the week around the levels of 3530.

Support for the index lies in the zone of 3480 to 3500 where the index has formed a top in the month of December-2017. If the index manages to close below these levels then the index can drift to the levels of 3400 to 3450 from where the index broke out.

Resistance for the index lies in the zone of 3570 to 3600 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3680 to 3720.

Broad range for the index is seen between 3400 to 3430 on downside & 3680 to 3700 on upside.