Nifty Media Weekly Outlook and Analysis:

For the Week: (March 29,2021 – April 02,2021)

NIFTY MEDIA Index closed the week on negative note losing 109.45 points 6.62%.

Weekly High: 1,656.50

Weekly Low: 1,530.35

Weekly Close: 1,544.50

Weekly Support & Resistance For Nifty Media Index:

NIFTY MEDIA index opened tad lower in opening session despite broader gain. Index extended losses in mid weak tracking broader weakness. Index witnessed poor performance against broader market and ended on negative note. We expect index likely to continue its down trend going forward.

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 1585-1600 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 1450 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 1650.

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 1475 on downside and 1600 on upside.