EquityPandit’s Outlook for NIFTY MEDIA for the week (March 14, 2017 – March 17, 2017) :
Nifty Media index closed the week on positive note gaining around 2.50%.
As we have mentioned last week that 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. During the week the index manages to hit a high of 3076 and close the week around the levels of 3056.
Minor support for the index lies in the zone of 3020 to 3030. Support for the index lies in the zone of 2975 to 3000 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2920 to 2940 where the index has taken multiple support.
Minor resistance for the index lies in the zone of 3080 to 3100. Resistance for the index lies in the zone of 3140 to 3160 where life time highs for the index is lying.
Broad range for the index is seen between 2930 to 2960 on downside & 3140 to 3160 on upside.