EquityPandit’s Outlook for NIFTY MEDIA for the week (Nov 25, 2019 – Nov 29, 2019):
NIFTY MEDIA Index closed the week on positive note gaining 177.55 Points 9.86%.
Weekly High: 1,996.20
Weekly Low: 1,796.40
Weekly Close: 1,978.55
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1875 levels, whereas minor resistance on the upside is capped around 2075-2100 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 1800 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 2150.
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 1850 on downside and 2150 on upside.
RESISTANCE 2: 2,123
RESISTANCE 1: 2,051
SUPPORT 1: 1,851
SUPPORT 2: 1,723