EquityPandit’s Outlook for NIFTY MEDIA for the week   (July 02, 2018 – July 06, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 3.90%.

As we have mentioned last week, that support for the index lies in the zone of 3130 to 3150 Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3050 where break out levels are lying. During the week the index manages to hit a low of 2983 and close the week around the levels of 3026.

Support for the index lies in the zone of 3000 to 3050 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2900 to 2950 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3130 to 3150 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3250 to 3300 where Fibonacci levels and short; medium & long term moving averages are lying.

Broad range for the index is seen between 2900 to 2950 on downside & 3100 to 3150 on upside.