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Nifty Media Weekly Outlook and Analysis:
For the Week: (Feb 15,2021 – Feb 19,2021)
NIFTY MEDIA Index closed the week on positive note gaining 70.60 points 4.28%.
Weekly High: 1,830.95
Weekly Low: 1,647.90
Weekly Close: 1,720.70
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,916 |
| RESISTANCE 1 | 1,818 |
| SUPPORT 1 | 1,635 |
| SUPPORT 2 | 1,550 |
NIFTY MEDIA index opened higher and rallied in opening session of the week. Index continued its uptrend and made fresh swing highs. However, index succumbed at fag end of the week and wiped most of the gain back of selling in index heavy weight. We expect index likely to continue its sideways corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1645 levels, whereas minor resistance on the upside is capped around 1780-1800 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 1575 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 1850.
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 1600 on downside and 1800 on upside.
