EquityPandit’s Outlook for NIFTY MEDIA for the week (Nov 18, 2019 – Nov 22, 2019):
NIFTY MEDIA Index closed the week on negative note losing 24.85 Points 1.36%.
Weekly High: 1,885.75
Weekly Low: 1,781.10
Weekly Close: 1,801
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1725 levels, whereas minor resistance on the upside is capped around 1850-1875 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 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 1700 on downside and 1900 on upside.
RESISTANCE 2: 1,927
RESISTANCE 1: 1,864
SUPPORT 1: 1,759
SUPPORT 2: 1,717