EquityPandit’s Outlook for NIFTY MEDIA for the week  (Dec 18, 2017 – Dec 22, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that support for the index lies in the zone of 3220 to 3250 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 3150 to 3170 where Fibonacci levels are lying. During the week the index manages to hit a low of 3279 and close the week around the levels of 3331.

Support for the index lies in the zone of 3220 to 3250 from where the index broke out. If the index manages to close below these levels then the index can drift to the levels of 3150 to 3170 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3350 to 3400 where the index has formed a top in the month of November-2017. If the index manages to close above these levels then the index can move to the levels of 3480 to 3520.

Broad range for the index is seen between 3200 to 3230 on downside & 3400 to 3450 on upside.