EquityPandit’s Outlook for NIFTY MEDIA for the week   (June 04, 2018 – June 08, 2018) : 

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.90%.

As we have mentioned last week, that minor resistance for the index lies in the zone of 3250 to 3300. Resistance for the index lies in the zone of 3350 to 3400 where short & medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 from where the index sold off after consolidation and Fibonacci levels are lying. During the week the index manages to hit a high of 3280 and close the week around the levels of 3165.

Support for the index lies in the zone of 3150 to 3200 where the index has taken support in the month of March-2018 & May-2018 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3050 where break out levels are lying.

Minor resistance for the index lies in the zone of 3200 to 3220. Resistance for the index lies in the zone of 3250 to 3300 where Fibonacci levels and short; medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 where the index has formed a high in the month of May-2018.

Broad range for the index is seen between 3000 to 3050 on downside & 3350 to 3400 on upside.