EquityPandit’s Outlook for NIFTY MEDIA for the week (May 06, 2019 – May 10,2019):
NIFTY MEDIA Index closed the week on negative note losing -41.30 Points -1.73 %
Weekly High: 2421.7
Weekly Low: 2345.20
Weekly Close: 2349.05
Technically on the daily charts we see minor support on the downside for index lies at 2325- 2335 levels, whereas minor resistance on the upside is capped around 2430- 2450 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 2230-2240 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 2550– 2570
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 2550– 2570 on upside and 2230– 2240 on downside.