EquityPandit’s Outlook for NIFTY MEDIA for the week (Nov 4, 2019 – Nov 8, 2019):
NIFTY MEDIA Index closed the week on positive note gaining 192.50 Points 11.11%.
Weekly High: 1,934.85
Weekly Low: 1,726.95
Weekly Close: 1,924.85
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1850 levels, whereas minor resistance on the upside is capped around 2000-2025 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 1750 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 2100.
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 1800 on downside and 2100 on upside.
RESISTANCE 2: 2,070
RESISTANCE 1: 1,997
SUPPORT 1: 1,789
SUPPORT 2: 1,654