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Nifty Media Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
NIFTY MEDIA Index closed the week on positive note gaining 94.35 points 5.97%.
Weekly High: 1,678.55
Weekly Low: 1,577.65
Weekly Close: 1,670.25
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,743 |
| RESISTANCE 1 | 1,706 |
| SUPPORT 1 | 1,605 |
| SUPPORT 2 | 1,541 |
NIFTY MEDIA index has continued its northward journey, gaining four week in row. Index trading at upper trend line of parallel channel. We expect index likely to witness profit booking if it unable to surpass this resistance zone.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1620 levels, whereas minor resistance on the upside is capped around 1725-1745 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 1550 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 1800.
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 1575 on downside and 1775 on upside.
