EquityPandit’s Outlook for NIFTY MEDIA for the week   (Mar 05, 2019 – Mar 08, 2019) : 

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 6.30%.

As we have mentioned last week, that minor support for the index lies around 2300 to 2350. Support for the index lies in the zone of 2200 to 2250 from where the index has broken out. If the index manages to close below these levels then the index can drift to the levels of 2050 to 2100 where Fibonacci levels are lying. During the week the index manages to hit a low of 2350 and close the week around the levels of 2545.

Minor support for the index lies around 2400 to 2450. Support for the index lies in the zone of 2300 to 2350 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2200 to 2250 from where the index has broken out.

Resistance for the index lies in the zone of 2550 to 2600 where Fibonacci levels and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 2650 to 2700 where long term Fibonacci levels are lying.

Broad range for the index is seen between 2350 to 2400 on downside & 2650 to 2700 on upside.