EquityPandit’s Outlook for NIFTY MEDIA for the week   (Sep 24, 2018 – Sep 28, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 4.80%.

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 2464 and close the week around the levels of 2581.

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.

Resistance for the index lies in the zone of 2650 to 2700 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 2750 to 2800 where long term trend-line resistance for the index is lying.

Broad range for the index is seen between 2400 to 2450 on downside & 2700 to 2750 on upside.