EquityPandit’s Outlook for NIFTY MEDIA for the week  (Nov 27, 2017 – Dec 01, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 4.10%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 3277 and close the week around the levels of 3265.

Support for the index lies in the zone of 3220 to 3250 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 3150 to 3170 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3280 to 3300 where the index has formed a top in the month of May-2017. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500.

Broad range for the index is seen between 3100 to 3130 on downside & 3350 to 3400 on upside.