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Nifty Media Weekly Outlook and Analysis:
For the Week: (Jan 25,2021 – Jan 29,2021)
NIFTY MEDIA Index closed the week on negative note losing 42.45 points 2.45%.
Weekly High: 1,772.60
Weekly Low: 1,664.70
Weekly Close: 1,690.15
Weekly Support & Resistance For Nifty Media Index:
| RESISTANCE 2 | 1,817 |
| RESISTANCE 1 | 1,753 |
| SUPPORT 1 | 1,645 |
| SUPPORT 2 | 1,601 |
NIFTY MEDIA index opened flat and dragged in opening session of the week. Index recouped losses in mid week, though index succumbed at fag end of the week and ended on negative note. We expect index likely to witness profit booking going forward.
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1650 levels, whereas minor resistance on the upside is capped around 1735-1750 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 1600 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 1625 on downside and 1750 on upside.
