EquityPandit’s Outlook for NIFTY MEDIA for the week (June 01, 2019 – June 07, 2019):
NIFTY MEDIA Index closed the week on negative note losing –16.75 Points –0.75%
Technically on the daily charts we see minor support on the downside for index lies at 2130- 2120 levels, whereas minor resistance on the upside is capped around 2245– 2250 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 2050– 2000 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 2335– 2355
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 2335– 2355 on upside and 2050– 2000 on downside.