EquityPandit’s Outlook for NIFTY MEDIA for the week   (May 14, 2018 – May 18, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 0.40%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 3350 to 3400. Resistance for the index lies in the zone of 3450 to 3500 from where the index sold off after consolidation and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3550 to 3600 from where the index broke down. During the week the index manages to hit a high of 3384 and close the week around the levels of 3304.

Minor support for the index lies in the zone of 3280 to 3300. 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 3350 to 3400. Resistance for the index lies in the zone of 3450 to 3500 from where the index sold off after consolidation and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3550 to 3600 from where the index broke down.

Broad range for the index is seen between 3100 to 3150 on downside & 3500 to 3550 on upside.