EquityPandit’s Outlook for NIFTY MEDIA for the week  (Sep 25, 2017 – Sep 29, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 2.30%.

As we have mentioned last week, that resistance for the index lies in the zone of 3130 to 3150 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3200 to 3230. During the week the index manages to hit a high of 3179 and close the week around the levels of 3028.

Support for the index lies in the zone of 2980 to 3020 where break out levels and 200 daily moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2910 to 2950 where Fibonacci levels.

Resistance for the index lies in the zone of 3050 to 3080 where short & medium term 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.

Broad range for the index is seen between 2900 to 2930 on downside & 3100 to 3130 on upside.