EquityPandit’s Outlook for NIFTY MEDIA for the week  (Nov 20, 2017 – Nov 24, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.60%.

As we have mentioned last week, that resistance for the index lies in the zone of 3230 to 3250. If the index manages to close above these levels then the index can move to the levels of 3300 to 3320 where the index has formed a top in the month of May-2017 is lying. During the week the index manages to hit a high of 3203 and close the week around the levels of 3136.

Support for the index lies in the zone of 3050 to 3080 where short, medium and 200 daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2900 to 2950 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3150 to 3170 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3220 to 3250 where the index has formed a short term top.

Broad range for the index is seen between 3000 to 3030 on downside & 3250 to 3300 on upside.