EquityPandit’s Outlook for NIFTY MEDIA for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY MEDIA Index closed the week on positive note gaining +42.70 Points (+1.73%).
Weekly High: 2563.45
Weekly Low: 2454.70
Weekly Close: 2503.95
Last week we have seen index trading in a tight range and consolidation has been seen in range of 2565- 2455, breakout can be seen in media index on either side this week, Technically on the daily charts we see minor support on the downside for index lies at 2350- 2400 levels, whereas 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.