EquityPandit’s Outlook for NIFTY MEDIA for the week   (Jan 29, 2018 – Feb 02, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.00%.

As we have mentioned last week, that resistance for the index lies in the zone of 3570 to 3600 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 3670 to 3700. During the week the index manages to hit a high of 3591 and close the week around the levels of 3507.

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 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 3670 to 3700.

Broad range for the index is seen between 3400 to 3450 on downside & 3680 to 3700 on upside.