EquityPandit’s Outlook for NIFTY MEDIA for the week   (June 18, 2018 – June 22, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 3250 to 3300 where Fibonacci levels and short; medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 where the index has formed a high in the month of May-2018. During the week the index manages to hit a high of 3248 and close the week around the levels of 3179.

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.

Resistance for the index lies in the zone of 3250 to 3300 where Fibonacci levels and short; medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 where the index has formed a high in the month of May-2018.

Broad range for the index is seen between 3000 to 3050 on downside & 3350 to 3400 on upside.