EquityPandit’s Outlook for NIFTY MEDIA for the week (July 27,2020 – July 31, 2020):
NIFTY MEDIA Index closed the week on positive note gaining 12.30 points 0.92%.
Weekly High: 1,404.80
Weekly Low: 1,335.50
Weekly Close: 1,348.90
Technically on the daily charts we see minor support on the downside for NIFTY MEDIA index lies at 1300 levels, whereas minor resistance on the upside is capped around 1400-1420 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 1250 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 1475.
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 1275 on downside and 1425 on upside.
WEEKLY PIVOT LEVELS:
RESISTANCE 2: 1,432
RESISTANCE 1: 1,390
SUPPORT 1: 1,321
SUPPORT 2: 1,293