EquityPandit’s Outlook for NIFTY MEDIA for the week (Mar 25, 2019 – Mar 29, 2019) :
NIFTY MEDIA Index closed the week on negative note losing -81.95 Points (-3.29%).
Weekly High: 2554.5
Weekly Low: 2404.90
Weekly Close: 2409.80
As we mentioned last week nifty media is trading in the tight consolidation range and we may see breakout of range either side, Index did exactly same as per out prediction and we have seen breakout towards downside in nifty media index. Technically on the daily charts we see minor support on the downside for index lies at 2300 -2200 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 2100- 2150 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 2100- 2150 on downside.