EquityPandit’s Outlook for NIFTY MEDIA for the week  (May 02, 2017 – May 05, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 0.40%.

As we have mentioned last week that minor support for the index lies in the zone of 3210 to 3230. Support for the index lies in the zone of 3140 to 3150 from where the index broke out of the October-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3110 from where the index broke out after consolidation. During the week the index manages to hit a low of 3228 and close the week around the levels of 3252.

Minor support for the index lies in the zone of 3210 to 3230. Support for the index lies in the zone of 3140 to 3150 from where the index broke out of the October-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3110 from where the index broke out after consolidation.

Resistance for the index lies in the zone of 3260 to 3280. If the index manages to close above these levels then the index can move to the levels of 3320 to 3350 where Fibonacci extension is lying.

Broad range for the index is seen between 3150 to 3180 on downside & 3320 to 3350 on upside.