EquityPandit’s Outlook for NIFTY MEDIA for the week (February 20, 2017 – February 24, 2017) :
Nifty Media index closed the week on negative note losing around 0.70%.
Minor support for the index lies in the zone of 2960 to 2980. Support for the index lies in the zone of 2920 to 2940 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 2860 to 2880 where the index had gap up opening on 03/02/2017.
Resistance for the index lies in the zone of 3020 to 3030 where the index has made a short term top. If the index manages to close above these levels then the index can move to the levels of 3080 to 3100.
Broad range for the index is seen between 2920 to 2940 on downside to 3050 to 3070 on upside.