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Nifty Media Weekly Outlook and Analysis:
For the Week: (Oct 05,2020 – Oct 09,2020)
NIFTY MEDIA Index closed the week on positive note gaining 106.35 points 7.16%.
Weekly High: 1,621.35
Weekly Low: 1,506.75
Weekly Close: 1,591.10
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,687 |
| RESISTANCE 1 | 1,639 |
| SUPPORT 1 | 1,524 |
| SUPPORT 2 | 1,458 |
NIFTY MEDIA index has recovered above its 200 day ema amid broad base rally. However, index witnessed profit booking at fag end of the week. We expect index likely to witness buying if it manage to holds above its 200 day ema.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1550 levels, whereas minor resistance on the upside is capped around 1630-1640 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 1700.
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 1680 on upside.
