EquityPandit’s Outlook for NIFTY MEDIA for the week   (Oct 01, 2018 – Oct 05, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 5.20%.

As we have mentioned last week, that support for the index lies in the zone of 2500 to 2550 where the index has formed a double bottom in the month of November-2016 and December-2016. If the index manages to close below these levels then the index can drift to the levels of 2400 to 2450 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 2412 and close the week around the levels of 2447.

Support for the index lies in the zone of 2400 to 2450 where long term Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2300 to 2350 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 2500 to 2550 from where the index has broken down from the double bottom formed in the month of November-2016 and December-2016. If the index manages to close above these levels then the index can move to the levels of 2650 to 2700 where Fibonacci levels are lying.

Broad range for the index is seen between 2300 to 2350 on downside & 2550 to 2600 on upside.