Nifty Media Weekly Outlook and Analysis:

For the Week: Sept 28,2020 – Oct 01,2020)

NIFTY MEDIA Index closed the week on negative note losing 146.85 points 9.00%.

Weekly High: 1,655.70

Weekly Low: 1,420.55

Weekly Close: 1,484.75

Weekly Support & Resistance For Nifty Media Index:

NIFTY MEDIA index has given breakdown of its ascending triangle pattern on daily charts. Index closed below its 200 day ema. However, index witnessed reversal at fag end of the week, after it took support on lower trend line of rising channel pattern. We expect index likely to witness short covering bout going forward.

Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1420 levels, whereas minor resistance on the upside is capped around 1530-1550 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 1350 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 1625.

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 1350 on downside and 1600 on upside.