Nifty Media Weekly Outlook and Analysis:

For the Week: (April 26,2021 – April 30,2021)

NIFTY MEDIA Index closed the week on positive note gaining 39.25 points 2.66%.

Weekly High: 1,530.05

Weekly Low: 1,409.05

Weekly Close: 1,513.65

Weekly Support & Resistance For Nifty Media Index:

NIFTY MEDIA index opened gap down in opening session of the week. Index rebounded from its support zone and witnessed buying throughout the week and ended on positive note. We expect index likely to continue this short covering rally going for-ward if broader market remain resilient.

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1475 levels, whereas mi-nor resistance on the upside is capped around 1560-1575 levels.

If NIFTY MEDIA index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 1425 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 1625.

Currently NIFTY MEDIA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1450 on downside and 1600 on upside.