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Nifty Media Weekly Outlook and Analysis:
For the Week: (Sept 04,2020 – Sept 18,2020)
NIFTY MEDIA Index closed the week on negative note losing 15.55 points 0.95%.
Weekly High: 1,679.25
Weekly Low: 1,570.10
Weekly Close: 1,629.95
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,735 |
| RESISTANCE 1 | 1,682 |
| SUPPORT 1 | 1,573 |
| SUPPORT 2 | 1,517 |
NIFTY MEDIA index has repeatedly faced resistance at upper trend line of parallel channel. We expect index likely continue its range trading activity in coming days.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1570 levels, whereas minor resistance on the upside is capped around 1680-1700 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 1520 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 1750.
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 1550 on downside and 1725 on upside.
