EquityPandit’s Outlook for NIFTY MEDIA for the week   (Mar 26, 2018 – Mar 28, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 2.50%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 3300 to 3330. Resistance for the index lies in the zone of 3400 to 3450 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3570 to 3600 from where the index broke down. During the week the index manages to hit a high of 3327 and close the week around the levels of 3225.

Support for the index lies in the zone of 3200 to 3230 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 3050 to 3100 where break out levels are lying.

Minor resistance for the index lies in the zone of 3270 to 3300. Resistance for the index lies in the zone of 3350 to 3400 where short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 from where the index broke down.

Broad range for the index is seen between 3050 to 3100 on downside & 3400 to 3450 on upside.