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Nifty Media Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
NIFTY MEDIA Index closed the week on positive note gaining 50.90 points 3.96%.
Weekly High: 1,359.35
Weekly Low: 1,270.20
Weekly Close: 1,336
Weekly Support & Resistance Levels for Nifty Media Index:
| RESISTANCE 2 | 1411 |
| RESISTANCE 1 | 1373 |
| SUPPORT 1 | 1284 |
| SUPPORT 2 | 1232 |
NIFTY MEDIA index trading in parallel channel on daily charts. Index broadly expected to remain in said trading zone. However, index formed reversal pattern on daily charts. Index will likely to witness bargain buying action.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1300 levels, whereas minor resistance on the upside is capped around 1360-1375 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 1270 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 1425.
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 1285 on downside and 1400 on upside.
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