EquityPandit’s Outlook for NIFTY MEDIA for the week (Dec 16, 2019 – Dec 20, 2019):

NIFTY MEDIA:

NIFTY MEDIA Index closed the week on negative note losing 21.70 Points 1.21%.

Weekly High: 1,817.55

Weekly Low: 1,723.95

Weekly Close: 1,765.70

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1700 levels, whereas minor resistance on the upside is capped around 1825-1850 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 1635 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 1900.

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 1650 on downside and 1900 on upside.

 
RESISTANCE 2: 1,862

RESISTANCE 1: 1,814

SUPPORT 1: 1,720

SUPPORT 2: 1,675