EquityPandit’s Outlook for NIFTY MEDIA for the week (Oct 14, 2019 – Oct 18, 2019):
NIFTY MEDIA Index closed the week on positive note gaining 39.90 Points 1.74%
Weekly High: 1745.40
Weekly Low: 1630.50
Weekly Close: 1707.25
RESISTANCE 2: 1,809
RESISTANCE 1: 1,758
SUPPORT 1: 1,643
SUPPORT 2: 1,579
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1600 levels, whereas minor resistance on the upside is capped around 1750-1800 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 1525 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 1900.
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 1525 on downside and 1900 on upside.