EquityPandit’s Outlook for NIFTY MEDIA for the week (Nov 11, 2019 – Nov 15, 2019):
NIFTY MEDIA Index closed the week on negative note losing 99 Points 5.14%.
Weekly High: 1,919.85
Weekly Low: 1,820
Weekly Close: 1,825.85
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1775 levels, whereas minor resistance on the upside is capped around 1900-1925 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 1675 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 2000.
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 1700 on downside and 1950 on upside.
WEEKLY PIVOT LEVELS FOR NIFTY MEDIA:
RESISTANCE 2: 1,955
RESISTANCE 1: 1,890
SUPPORT 1: 1,790
SUPPORT 2: 1,755