EquityPandit’s Outlook for NIFTY MEDIA for the week  (July 17, 2017 – July 21, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 0.90%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3060 to 3080. 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. During the week the index manages to hit a high of 3083 and close the week around the levels of 3065.

Minor support for the index lies in the zone of 3000 to 3030. 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 3060 to 3080. 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 the index has made a double top pattern and Fibonacci level is lying.

Broad range for the index is seen between 2930 to 2960 on downside & 3150 to 3180 on upside.