Nifty Media Weekly Outlook and Analysis:

For the Week: (May 31,2021 – June 04,2021)

NIFTY MEDIA Index closed the week on positive note gaining 118.15 points 7.09%.

Weekly High: 1,825.05

Weekly Low: 1,675.30

Weekly Close: 1,785.75

Weekly Support & Resistance For Nifty Media Index:

NIFTY MEDIA index opened tad higher traded choppy in opening session of the week. Index witnessed strong buying in mid week back of better than expected quarterly numbers of index major. Index pared some gain at fag end of the week though ended on strong note. We expect index could take some breather or sideways corrective action as it approaching its strong resistance zone going forward.

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1750 levels, whereas minor resistance on the upside is capped around 1825-1850 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 1685 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 1950.

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 1700 on downside and 1900 on upside.