EquityPandit’s Outlook for NIFTY MEDIA for the week  (June 27, 2017 – June 30, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.80%.

As we have mentioned last week that support for the index lies in the zone of 3000 to 3020 from where the index broke out of February-2017 highs. If the index manages to close below these levels then the index can drift to the levels of 2900 to 2920 where Fibonacci levels and 200 Daily moving averages are lying. During the week the index manages to hit a low of 2916 and close the week around the levels of 2982.

Support for the index lies in the zone of 2900 to 2920 where Fibonacci levels and 200 Daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2800 to 2820 where Fibonacci level is lying.

Minor resistance for the index lies in the zone of 3000 to 3030. Resistance for the index lies in the zone of 3100 to 3150 where short & medium term moving averages and 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 the index has made a double top pattern and Fibonacci level is lying.

Broad range for the index is seen between 2900 to 2930 on downside & 3150 to 3180 on upside.