EquityPandit’s Outlook for NIFTY MEDIA for the week  (Oct 30, 2017 – Nov 03, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 7.00%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 2980 to 3000. Resistance for the index lies in the zone of 3030 to 3050 where medium term and 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3130 to 3150 where Fibonacci levels are lying. During the week the index manages to hit a high of 3159 and close the week around the levels of 3148.

Support for the index lies in the zone of 3040 to 3070 where medium term and 200 daily moving averages and break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2900 to 2930 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3160 to 3180 where Fibonacci levels and double top pattern are lying. If the index manages to close above these levels then the index can move to the levels of 3250 to 3300 where the index has formed a top in the month of May-2017 is lying.

Broad range for the index is seen between 3000 to 3050 on downside & 3300 to 3350 on upside.