EquityPandit’s Outlook for NIFTY MEDIA for the week  (July 31, 2017 – Aug 04, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.60%.

As we have mentioned last week that minor support for the index lies in the zone of 3080 to 3100. Support for the index lies in the zone of 3000 to 3030 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 2910 to 2940 where Fibonacci levels and 200 Daily moving averages are lying. During the week the index manages to hit a low of 3083 and close the week around the levels of 3106.

Minor support for the index lies in the zone of 3080 to 3100. Support for the index lies in the zone of 3000 to 3030 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 2910 to 2940 where Fibonacci levels and 200 Daily moving averages are lying.

Resistance for the index lies in the zone of 3140 to 3160 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 3000 to 3030 on downside & 3270 to 3300 on upside.