EquityPandit’s Outlook for NIFTY MEDIA for the week   (July 16, 2018 – July 20, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 4.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a low of 2858 and close the week around the levels of 2863.

Support for the index lies in the zone of 2800 to 2850 where long term trend-line support for the index is lying. If the index manages to close below these levels then the index can drift to the levels of 2650 to 2700 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 2950 to 3000 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 3100 to 3150 where Fibonacci levels and short term moving averages are lying.

Broad range for the index is seen between 2650 to 2700 on downside & 3000 to 3050 on upside.