EquityPandit’s Outlook for NIFTY MEDIA for the week   (Sep 17, 2018 – Sep 21, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 0.20%.

As we have mentioned last week, that support for the index lies in the zone of 2650 to 2700 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2500 to 2550 where the index has formed a double bottom in the month of November-2016 and December-2016. During the week the index manages to hit a low of 2625 and close the week around the levels of 2710.

Support for the index lies in the zone of 2650 to 2700 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2500 to 2550 where the index has formed a double bottom in the month of November-2016 and December-2016.

Resistance for the index lies in the zone of 2750 to 2800 where long term trend-line resistance for the index is lying. If the index manages to close above these levels then the index can move to the levels of 2950 to 3000 from where the index broke down after consolidation.

Broad range for the index is seen between 2550 to 2600 on downside & 2850 to 2900 on upside.