EquityPandit’s Outlook for NIFTY MEDIA for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY MEDIA Index closed the week on positive note gaining +26.35 Points +1.44%
Weekly High: 1842.20
Weekly Low: 1634.40
Weekly Close: 1707.85
RESISTANCE 2: 1,935
RESISTANCE 1: 1,821
SUPPORT 1: 1,614
SUPPORT 2: 1,520
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 1800-1850 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 1450 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 1950.
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 1450 on downside and 1850 on upside.