EquityPandit’s Outlook for NIFTY MEDIA for the week (Sept 30, 2019 – Oct 5, 2019):
NIFTY MEDIA Index closed the week on positive note gaining +26.35 Points +1.44%
Weekly High: 1907.55
Weekly Low: 1807.15
Weekly Close: 1838.40
RESISTANCE 2: 1,951
RESISTANCE 1: 1,894
SUPPORT 1: 1,794
SUPPORT 2: 1,750
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1750 levels, whereas minor resistance on the upside is capped around 1900-1950 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 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 2100.
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 1650 on downside and 2000 on upside.