EquityPandit’s Outlook for NIFTY MEDIA for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY MEDIA Index closed the week on negative note loosing –267.70 Points –12.31%
Weekly High: 2136.65
Weekly Low: 1861.25
Weekly Close: 1870.65
RESISTANCE 2: 2232
RESISTANCE 1: 2051
SUPPORT 1: 1776
SUPPORT 2: 1681
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1800 levels, whereas minor resistance on the upside is capped around 1980-2000 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 1650 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 2150.
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 2150 on upside and 1650 on downside.