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Nifty Media Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
NIFTY MEDIA Index closed the week on negative note losing 24.75 points 1.47%.
Weekly High: 1,678.30
Weekly Low: 1,552.80
Weekly Close: 1,645.50
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,751 |
| RESISTANCE 1 | 1,698 |
| SUPPORT 1 | 1,572 |
| SUPPORT 2 | 1,500 |
NIFTY MEDIA index has formed doji candle patter on weekly charts, which suggest indecisiveness of trend. The underline trend in index is bullish, though broader market witness selloff Media index could follow broader market trend.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1575 levels, whereas minor resistance on the upside is capped around 1675-1700 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 1500 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 1775.
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 1525 on downside and 1750 on upside.
