EquityPandit’s Outlook for NIFTY MEDIA for the week  (Nov 06, 2017 – Nov 10, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 3160 to 3180 where Fibonacci levels and double top pattern are lying. If the index manages to close above these levels then the index can move to the levels of 3250 to 3300 where the index has formed a top in the month of May-2017 is lying. During the week the index manages to hit a high of 3199 and close the week around the levels of 3194.

Support for the index lies in the zone of 3160 to 3180 where Fibonacci levels and double top pattern are lying. If the index manages to close below these levels then the index can drift to the levels of 3050 to 3080 where short, medium and 200 daily moving averages are lying.

Resistance for the index lies in the zone of 3230 to 3250. If the index manages to close above these levels then the index can move to the levels of 3300 to 3320 where the index has formed a top in the month of May-2017 is lying.

Broad range for the index is seen between 3000 to 3050 on downside & 3300 to 3350 on upside.