EquityPandit’s Outlook for NIFTY MEDIA for the week (Mar 11, 2019 – Mar 15, 2019) :
NIFTY MEDIA Index closed the week on negative to flat note losing -4.20 Points (+0.17%).
Weekly High: 2586.95
Weekly Low: 2454.70
Weekly Close: 2461.25
Technically on the daily charts we see minor support on the downside for index lies at 2350- 2400 levels, where as minor resistance on the upside is capped around 2600- 2650 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 index towards major support on lower side around 2200- 2250 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 2800- 2900
Currently Nifty MEDIA index is trading below 200 days exponential moving average suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 2800 -2900 on upside and 2200- 2250 on downside.