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Nifty Media Weekly Outlook and Analysis:
For the Week: (Aug 24,2020 – Aug 28,2020)
NIFTY MEDIA Index closed the week on positive note gaining 176.05 points 12.58%.
Weekly High: 1,623.35
Weekly Low: 1,414.30
Weekly Close: 1,575.90
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,746 |
| RESISTANCE 1 | 1,661 |
| SUPPORT 1 | 1,452 |
| SUPPORT 2 | 1,328 |
NIFTY MEDIA index has given breakout of parallel channel on daily charts. Index also close above its 200 day exponential moving average. We expect index will continue its uptrend and likely to witness buying at lower levels.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1500 levels, whereas minor resistance on the upside is capped around 1650-1675 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 1425 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 1450 on downside and 1700 on upside.
