EquityPandit’s Outlook for NIFTY MEDIA for the week  (May 29, 2017 – June 02, 2017) :

NIFTY MEDIA:

Nifty Media index closed the week on negative note losing around 1.50%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3160 to 3200. Resistance for the index lies in the zone of 3250 to 3300 where the index has made a double top pattern and Fibonacci extension is lying. If the index manages to close above these levels then the index can move to the levels of 3390 to 3420. During the week the index manages to hit a high of 3160 and close the week around the levels of 3089.

Support for the index lies in the zone of 3020 to 3040 from where the index broke out of February-2017 highs and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2900 to 2920 where Fibonacci levels and 200 Daily moving averages are lying.

Minor resistance for the index lies in the zone of 3100 to 3120. Resistance for the index lies in the zone of 3160 to 3200 from where the index broke down on intraday basis and short term moving averages 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 made a double top pattern and Fibonacci extension is lying.

Broad range for the index is seen between 2950 to 2980 on downside & 3200 to 3230 on upside.