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Nifty Media Weekly Outlook and Analysis:
For the Week: (Aug 03,2020 – Aug 07,2020)
NIFTY MEDIA closed the week on negative note losing 63.80 points 4.73%.
Weekly High: 1,370.55
Weekly Low: 1,279.40
Weekly Close: 1,285.10
Nifty Media Weekly Support and Resistance Levels:
| RESISTANCE 2 | 1402 |
| RESISTANCE 1 | 1343 |
| SUPPORT 1 | 1252 |
| SUPPORT 2 | 1220 |
NIFTY MEDIA index trading in parallel channel on daily charts. Index expected to remain bearish and index likely to break this trading zone if key indices witness profit booking.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1230 levels, whereas minor resistance on the upside is capped around 1325-1345 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 1175 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 1400.
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 1200 on downside and 1375 on upside.
