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Nifty Media Weekly Outlook and Analysis:
For the Week: (Aug 17,2020 – Aug 21,2020)
NIFTY MEDIA Index closed the week on positive note gaining 63.85 points 4.78%.
Weekly High: 1,437.90
Weekly Low: 1,333.40
Weekly Close: 1,399.85
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,494 |
| RESISTANCE 1 | 1,447 |
| SUPPORT 1 | 1,342 |
| SUPPORT 2 | 1,285 |
NIFTY MEDIA index trading in parallel channel on daily charts. Index formed reversal after it face resistance at upper zone of formation. However, index registered strong gain second weak in raw. Index will likely to witness buying at lower levels.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1360 levels, whereas minor resistance on the upside is capped around 1425-1445 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 1320 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 1500.
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 1350 on downside and 1475 on upside.
