EquityPandit’s Outlook for NIFTY MEDIA for the week  (May 15, 2017 – May 19, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 2.90%.

As we have mentioned last week that support for the index lies in the zone of 3100 to 3110 from where the index broke out after consolidation 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 3030 to 3070 from where the index broke out of February-2017 highs. During the week the index manages to hit a low of 3094 and close the week around the levels of 3210.

Minor support for the index lies in the zone of 3160 to 3180. Support for the index lies in the zone of 3100 to 3110 from where the index broke out after consolidation 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 3030 to 3070 from where the index broke out of February-2017 highs.

Resistance for the index lies in the zone of 3250 to 3300 where the index has made a double top pattern and Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 3390 to 3420.

Broad range for the index is seen between 3100 to 3130 on downside & 3300 to 3330 on upside.