EquityPandit’s Outlook for NIFTY MEDIA for the week (June 22, 2020 – June 26, 2020):

NIFTY MEDIA:

NIFTY MEDIA Index closed the week on positive note gaining 100 points 7.77%.

Weekly High: 1,390.80

Weekly Low: 1,289.40

Weekly Close: 1,387.55

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 1450-1475 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 1250 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 1550.

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 1300 on downside and 1500 on upside.

WEEKLY PIVOT LEVELS:
RESISTANCE 2: 1,457

RESISTANCE 1: 1,422

SUPPORT 1: 1,321

SUPPORT 2: 1,254