EquityPandit’s Outlook for NIFTY MEDIA for the week (March 27, 2017 – March 31, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 0.20%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3080 to 3100. Resistance for the index lies in the zone of 3140 to 3160 where life time highs for the index is lying. During the week the index manages to hit a high of 3113 and close the week around the levels of 3089.

Support for the index lies in the zone of 3030 to 3050 from where the index broke out of the February-2017 highs. Support for the index lies in the zone of 2975 to 3000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2920 to 2940 where the index has taken multiple support.

Minor resistance for the index lies in the zone of 3080 to 3100. Resistance for the index lies in the zone of 3140 to 3160 where life time highs for the index is lying.

Broad range for the index is seen between 3000 to 3030 on downside & 3150 to 3170 on upside.