EquityPandit’s Outlook for NIFTY MEDIA for the week (July 15, 2019 – July 19, 2019):
NIFTY MEDIA Index closed the week on positive note gaining 12.95 Points +0.63%
Weekly High: 2082.05
Weekly Low: 1964.35
Weekly Close: 2066.10
RESISTANCE 2: 2155
RESISTANCE 1: 2111
SUPPORT 1: 1993
SUPPORT 2: 1920
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 2025 levels, whereas minor resistance on the upside is capped around 2090– 2100 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 1970 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 2170.
Currently NIFTY MEDIA index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 2170 on upside and 1970 on downside.