EquityPandit’s Outlook for NIFTY MEDIA for the week (April 22,2019 – April 26,2019):
NIFTY MEDIA Index closed the week on negative note losing -23.95 Points -1.00%
Weekly High: 2457.8
Weekly Low: 2374.95
Weekly Close: 2442.85
Nifty Media is trading in classical downward channel pattern last week index has seen resistance on upward channel trend line. Any breakout above 2500 levels may attract huge buying in Media components. Technically on the daily charts we see minor support on the downside for index lies at 2350 -2300 levels, whereas minor resistance on the upside is capped around 2460- 2500 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 2250- 2200 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 2750-2800
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 2750- 2800 on upside and 2250- 2200 on downside.