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Nifty Media Weekly Outlook and Analysis:
For the Week: (Nov 09,2020 – Nov 13,2020)
NIFTY MEDIA Index closed the week on negative note losing 46.90 points 3.20%.
Weekly High: 1,469.20
Weekly Low: 1,387.30
Weekly Close: 1,419.05
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,507 |
| RESISTANCE 1 | 1,463 |
| SUPPORT 1 | 1,381 |
| SUPPORT 2 | 1,343 |
NIFTY MEDIA index continued its lower low lower high pattern on daily charts. We expect index will continue this side ways corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1375 levels, whereas minor resistance on the upside is capped around 1450-1470 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 1325 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 1525.
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 1500 on upside.
