EquityPandit’s Outlook for NIFTY MEDIA for the week (February 27, 2017 – March 03, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on positive note gaining around 0.10%.

As we have mentioned last week that 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. During the week the index manages to hit a low of 2967 and close the week around the levels of 2995.

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.