Nifty Media Weekly Outlook and Analysis:

For the Week: (June 14,2021 – June 18,2021)

NIFTY MEDIA Index closed the week on positive note gaining 63.85 points 3.51%.

Weekly High: 1,927.25

Weekly Low: 1,800.65

Weekly Close: 1,881.80

Weekly Support & Resistance For Nifty Media Index:

NIFTY MEDIA index opened tad higher and traded choppy in early part of the week. Index witnessed profit booking in mid week tracking broader weakness. Index recoup lost ground and made fresh fifty two week highs at fag end of the week. We expect index likely to continue this uptrend going forward if broader market remain resilient.

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1825 levels, whereas minor resistance on the upside is capped around 1935-1965 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 1750 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 2000.

Currently NIFTY MEDIA index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 1775 on downside and 1975 on upside.