EquityPandit’s Outlook for NIFTY MEDIA for the week  (May 22, 2017 – May 26, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 2.30%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 3102 and close the week around the levels of 3136.

Support for the index lies in the zone of 3100 to 3110 from where the index broke out after consolidation. 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.

Minor resistance for the index lies in the zone of 3160 to 3200. 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 3000 to 3030 on downside & 3250 to 3280 on upside.