EquityPandit’s Outlook for NIFTY MEDIA for the week (April 6, 2020 – April 10, 2020):

NIFTY MEDIA:

NIFTY MEDIA Index closed the week on negative note losing 68.20 Points 6.%.

Weekly High: 1,057.50

Weekly Low: 972.95

Weekly Close: 987.20

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 950 levels, whereas minor resistance on the upside is capped around 1025-1050 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 875 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 1125.

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 900 on downside and 1100 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 1,090

RESISTANCE 1: 1,038

SUPPORT 1: 954

SUPPORT 2: 921